As I work through my process of getting back in to participating in the market, one thing I notice is the continued move in to gold this week. Now there are certainly different ways to gain long exposure (I own GLD in the Long Term account). Some prefer to be long miners, some like ETFs, and of course some buy the shiny stuff itself.
So for those on the other side of the fence (feel gold is topping, want to fade the herd) – what are you looking at? The Weekly chart of GLL (Proshares Ultrashort Gold) caught my eye today as it puts in a nice clean Hammer:
What I also notice however is that Volume at Price bars (the bottom 3) are all RED. Also, note the volume bars for the past 2 week. RED Rocket Ship.
For now I am going to keep an eye on this ETF for any sign that the GOLD “rush” is over.