Long the GLD (Gold ETF)

The GLD remains confined to its 6-week down-slanted price channel, which is a sign to us that the intermediate-term bear trend still is the dominant force. However, having said that, my work argues that the GLD is in the early stages of carving out an important bottom, which apparently will take a while longer. In any case, we want to stay long the GLD ahead of what my longer-term work indicates should be one heck of a secondary bull market advance.

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