Time for me to take profits on the Gold ETF.As you know, I like the Gold ETF mainly as a hedge against falls in the general market.
Today's action in both the general market and the Gold ETF suggests that the current pull-back in the XAO is over.
The Gold ETF today is showing a bearish engulfing bar. The RSI as of yesterday was overbought at 73.1. Any reading over 70 puts the stock on the endangered list. Today the RSI broke below its uptrend line - nearly always a sure sign that further falls lie ahead.
I may be pre-empting the market. The stock still hasn't broken below its 13-Day Moving Average nor below the PSAR. More conservative investors than I might wait for those events.
Good luck
Red
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