Wednesday, June 21, 2006

Gold Stocks ETF GDX & XGD

GDX is the Market Vectors Gold Miners ETF which tracks the GDM – AMEX Gold Miners Index. XGD is the iShares Canadian Gold Sector ETF which tracks the S&P/TSX Gold Index. Both ETFs allows investors and traders to gain diversified gold mining equity exposure. The main differences are: The XGD trades on the Canadian Toronto stock exchange and is priced with Canadian dollar while the GDX trades on the American stock exchange – AMEX and priced with US Dollar.

Long term (weekly chart) the XGD retraced about 61.8% of its recent up leg (wave 1) and bounced of the 2003 high. The GDX retraced about 50% of its recent up leg (wave 1) and bounced from the 50 weekly moving average zone.

Short term both GDX and XGD had a A – B –C correction (wave 2) , resistance at the diagonal line – I expect a strong rally once the trend line is broken.

For free (needs short registration) Elliott wave tutorial see EWI.

XGD ETF weekly chart

GDX ETF weekly chart

XGD ETF daily chart

GDX ETF daily chart

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