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home / news releases / UGL - Gold's Correlations


UGL - Gold's Correlations

Last week, we concluded that in the short term, gold's technicals were implying weaker prices. This week, despite gold rising on Monday, the technical trend is still lower:

  • RSI trending lower.
  • MACD diverging to the downside.
  • Stochastic still has a way to go before it is in oversold territory.
  • +DI momentum is decreasing, and -DI is close to crossing above +DI.

The price has stayed below the down-sloping trend-line that is pointing to the 1650 area which corresponds with support at the 2/3 speed line, the 38% retrace of the March to April rally, and

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Stock Information

Company Name: ProShares Ultra Gold
Stock Symbol: UGL
Market: NYSE

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