09-24 GLD

Seems to be a lot of interest in the PMs (gold, silver) with the $100 decline in gold.  I believe the CME just increased margins (again)... that should help... hehehe.

So I looked at the GLD etf.  Appears the CCI is giving a buy signal.  Of course, we'd like to see confirmation by other indicators.  I suspect by Mon/Tue the envelope charts will confirm.  Then by the end of the week we should get a second confirmation of bottoming cycles.  My opinion - gold is almost at a buy point, but not quite yet.

Here is a chart showing the points discussed above:

GL traders.  As always - do your own analysis and be careful.