Midday Update: All That Glitters is Gold

A dominant theme at midday on StockTwits is Gold and gold-related stocks. The trending bar currently lists: $GLD $GDX $GDXJ $JNUG $NGUT.

Perhaps this is why?

Most important support point for $GDX in 6-years? IMHO, almost a must hold. $GLD $GDXJ $NUGT http://stks.co/b0LsE

— Chris Kimble (@KimbleCharting) Mar. 20 at 09:46 AM

 

Now that the recent FOMC events are in the rearview mirror, are traders refocusing their attention on geopolitical unrest that really never went away? Or is the gold miners index at a major technical inflection point that indicates a resumption of the 3-year down trend?

The political angle:

$NUGT $GDX $GC_F Smarter not to gamble & wait to see what happens overnight. Russia/Murica at it again.

— Mark Mahoney (@Avida_Capital_Group) Mar. 20 at 09:41 AM

 

Conflicting technical analysis angles:

$GDX seems to have support in this area, so far the lower bb is holding with the 50 and 200dma just below

— Icarus (@Icarus) Mar. 20 at 07:40 AM


$GDX False breakout. http://stks.co/q07Gn

— David Blair (@crosshairtrader) Mar. 20 at 05:33 AM

 

The fundamental angle:

@marketsmischiefmayhem I've got news for you guys. Gold follows intrest rates. As they go up, gold goes down. $gld $slv

— Jimmy jones (@Herbandskills) Mar. 20 at 06:17 AM

 

In other news, First Solar $FSLR continues to build on yesterday’s breakout, gaining 5% today at the time of this writing.

$FSLR Ready to shoot higher http://stks.co/b0Lrr

— boyplunger (@Ibuyjunk) Mar. 20 at 09:33 AM

~ Sean McLaughlin (@chicagosean)


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