High Probability ETF Trading: 7 ETFs You Need to Know for Friday (GDX, GLD. IAU, DGP, SLV, EWZ, EWJ)
Going into trading on Friday, gold-related exchange-traded funds are among the most oversold above the 200-day moving average.
Also pulling back above the 200-day are a growing number of Asia country funds, some of which are coming off their highest levels since May of this year.
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Here are 7 ETFs You Need to Know for Friday.
Among the gold-based ETFs closing in oversold territory ahead of Friday’s trading are ETF based on both the stocks of gold mining companies as well as ETFs based on the price of gold bullion
itself.
Representing the former category is an ETF like the Market Vectors Gold Miners ETF ^GDX^ (below).
Shares of the Market Vectors Gold Miners ETF have closed down for five out of the past six trading days and are now oversold above the 200-day.
The ^GLD^ (below) represents the actual price of gold bullion rather than the share prices of gold mining companies.
GLD has closed lower for three out of the past five trading days, including a loss of more than 1% on Thursday. GLD has closed in oversold territory for two out of the past three days.
Traders interested in leveraged opportunities in the gold ETF market may want to take a look at the ^DGP^, which has also closed lower for three out of the past five days.
Down for three out of the past five and also pulling back by more than 1% in trading on Wednesday were shares of the ^IAU^.
In addition to the pullbacks in gold, silver is also moving lower.
Off by more than 3% on Thursday, the ^SLV^ closed at its lowest level in more than a week.
In addition to the precious metals ETFs that have become oversold above the 200-day moving average, country funds like the ^EWZ^ and the ^EWJ^ have also pulled back to oversold territory ahead of trading on Friday.
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David Penn is Editor-in-Chief at TradingMarkets.com.