One aspect of the SPDR Gold Shares (GLD) vs. Market Vectors Gold Miners ETF (GDX) relationship that stands out now, is the relatively strong performance of the metal in comparison to equity-based Miners.

I am thinking that if this disparity continues, it could be a reflection of a flight to "safety" or to non-paper (equity, bonds, currencies) assets (given the many challenges and threats to markets and investors).

That said, relative performance is one thing, but bullish price action is another.

Spot Gold must climb above $1270 at a minimum, and above its 200-Day EMA at $1284 to get any upside traction.

Mid Day Minute

In using any portion of MPTrader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. MPTrader (www.mptrader.com) is published by AdviceTrade, Inc. and MJP Market Strategies, Inc., both of whom are publishers. The Web site is maintained by Codexia, LLC and has a marketing affiliation with The Technical Trader. None of these firms or individuals is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Mr. Paulenoff's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Paulenoff's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions and Mr. Paulenoff and employees of AdviceTrade do not have personal positions in instruments mentioned on the site. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results. MJP Market Strategies, AdviceTrade, and Codexia cannot and do not assess, verify or guarantee the suitability or profitability of any particular investment. The risk of loss in trading index futures can be substantial. You should therefore carefully consider whether such trading is suitablef or you in light of your financial condition. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. As an express condition of using this service and anytime after ending the service, you agree not to hold any employees of MJP Market Strategies, AdviceTrade, or Codexia or the companies themselves liable for trading losses, lost profits or other damages resulting from your use of information in MPTrader in any form (Web-based, email-based, or downloadable software), and you agree to indemnify and hold MJP Market Strategies, AdviceTrade, and Codexia and their employees harmless from and against any and all claims, losses, liabilities, costs, and expenses (including but not limited to attorneys' fees) arising from your violation of this agreement. This paragraph is not intended to limit rights available to you or to us that may be available under the federal securities laws.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays near 1.0750 following Monday's indecisive action

EUR/USD stays near 1.0750 following Monday's indecisive action

EUR/USD continues to fluctuate in a tight channel at around 1.0750 after posting small gains on Monday. Disappointing Factory Orders data from Germany limits the Euro's gains as investors keep a close eye on comments from central bankers.

EUR/USD News

GBP/USD retreats below 1.2550 as USD recovers

GBP/USD retreats below 1.2550 as USD recovers

GBP/USD stays under modest bearish pressure and trades below 1.2550 in the European session on Tuesday. The cautious market stance helps the USD hold its ground and doesn't allow the pair to regain its traction. The Bank of England will announce policy decisions on Thursday.

GBP/USD News

Gold price turns red below $2,320 amid renewed US dollar demand

Gold price turns red below $2,320 amid renewed US dollar demand

Gold trades in negative territory below $2,320 as the souring mood allows the USD to find demand on Tuesday. Nevertheless, the benchmark 10-year US Treasury bond yield stays below 4.5% and helps XAU/USD limit its losses.

Gold News

Ripple lawsuit develops with SEC reply under seal, XRP holders await public redacted versions

Ripple lawsuit develops with SEC reply under seal, XRP holders await public redacted versions

Ripple lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8. 

Read more

The impact of economic indicators and global dynamics on the US Dollar

The impact of economic indicators and global dynamics on the US Dollar

Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory. 

Read more

Majors

Cryptocurrencies

Signatures