Despite the selling pressure in gold and gold miners last week, the bigger picture for the GLD etf remains unchanged, i.e. the intermediate term trend remains higher. This is to say that the breakout of the multi-year down-trend this past January is still unharmed and through a multi-week lens the yellow metal remains in a consolidation phase. Through this lens, buying the dip in gold, but only upon a bullish reversal, still makes sense.

Watch today’s VLOG for the trade setting up in the GLD and GDX etfs.

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