Friday, October 8, 2010
Gold (GLD Proxy)
Gold has taken a spotlight of late with everything from news about Gold ATMs being installed in places not called Abu Dhabi; places like oh... the US for instance. Mainstream investment advisers have climbed aboard, not to a terminal degree - the bull has much longer to go - but to the degree that usually sets up to give newly minted gold bugs a real scare. CNBC now touts gold from what I understand, and the metal is generally in the process of coming in from the cold (of a 20 year bear market, 10 years into its new bull market, which from here on promises not to be quite so stealth), and gaining acceptance as opposed to derision and laughter.
Technically, the upturned SMA 50 may provide support if not the EMA 20, which has sustained the entire move off the July bottom. A gap fill and bounce off that MA would fit the bill for a hard, fast corrective enema for the gold bug camp.