Sell in May and go away, come back after Labor Day? Gold is still in a trading range and looks like it will be that way until some catalyst sparks an uptrend,,, or downtrend...?
Since August of 2011, Gold has traded between $1550 and $1930. It is under both 50 and 200 day moving averages with the 50 crossing under the 200 last week. (Not bullish)
The RSI and Slow Stocastics looks like they may rebound to the upside for a trend back up. Gold may just trade sideways until the 'seasonals' kick in which is typically the month of September. The seasonal pattern does not always come into play as last year, Gold and Silver went down for the month of September.
Short and mid term bearish, long term bullish.
As far as the Gold and Silver stocks, they should be pretty close to a bottom unless the PM's sell off for some reason. Their PE ratios are about as low as they have been for years. In a few years, we may look back at the miners in 2012 and see that they were a buy.
Since August of 2011, Gold has traded between $1550 and $1930. It is under both 50 and 200 day moving averages with the 50 crossing under the 200 last week. (Not bullish)
The RSI and Slow Stocastics looks like they may rebound to the upside for a trend back up. Gold may just trade sideways until the 'seasonals' kick in which is typically the month of September. The seasonal pattern does not always come into play as last year, Gold and Silver went down for the month of September.
Short and mid term bearish, long term bullish.
As far as the Gold and Silver stocks, they should be pretty close to a bottom unless the PM's sell off for some reason. Their PE ratios are about as low as they have been for years. In a few years, we may look back at the miners in 2012 and see that they were a buy.
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