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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. His... More
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  • Gold Surges to Another All-time High 0 comments
    Aug 21, 2011 11:41 AM | about stocks: GLD, SGOL, GDX

    Gold closed moderately higher on Friday, moving up to another all-time high for the secular bull market from 2001. Technical indicators remain bullish overall on the daily chart, strongly supporting a continuation of the advance. However, the uptrend has become extremely overbought on a short-term basis and the angle of ascent has increased twice since rebounding off of long-term uptrend support in early July.

    Gold has now gained 25% during the past seven weeks and an unsustainable rise of this magnitude will almost certainly be followed by a violent overbought correction. The rally remains healthy for now, but we are approaching the final phase of the cycle following the Short-Term Cycle Low (STCL) on August 5 and it will be important to monitor market behavior for signs of a translation change.

    We will identify the key technical developments as they occur in our daily commentary available to subscribers.

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

    Stocks: GLD, SGOL, GDX
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