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Erik McCurdy
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Erik is the senior market technician for Prometheus Market Insight and has been performing chart analysis since 1995. The software program that he developed to monitor long-term stock market trends has correctly identified 92% of the cyclical turning points in the S&P 500 index since 1940.... More
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  • Gold Currency Index Moves Below Uptrend Support 0 comments
    Jun 30, 2011 6:25 PM | about stocks: GLD, SGOL

    The Gold Currency Index (NYSE:GCI) closed moderately lower today, moving slightly below support at the lower boundary of the uptrend from late January.

    Technical indicators are now bearish overall on the daily chart, supporting a continuation of the decline from last week. A subsequent close below current levels would confirm the break below uptrend support and signal the likely development of at least a short-term correction. Gold in US dollar terms broke below its comparable uptrend support level last week, so the GCI breakdown confirms that the consolidation from May is still in progress.

    However, as we discussed in the last weekly review, the next Intermediate-Term Cycle Low is approaching and gold market behavior during the next several weeks will likely provide the next meaningful signal with respect to long-term direction.

    Subscribe to our RSS feed to receive our free daily market update.

    Themes: Gold Price Stocks: GLD, SGOL
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