High Probability ETF Trading: 7 ETFs You Need to Know for Friday (GLD, IAU, BRF, EWH, FXE, SPY, XLP)

Gold-related exchanged-traded funds (ETFs) returned to oversold territory above the 200-day moving average as the major equity index ETFs like the ^IWM^ and the ^QQQQ^ continued to climb higher and deeper into overbought territory.

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Here are 7 ETFs You Need to Know for Friday.

Among the gold ETFs pulling back into oversold territory ahead of trading on Friday were the ^GLD^ and the ^IAU^ (below).

IAU chart

Both ETFs closed down by more than 2% on Thursday and have closed lower for three out of the past four trading days.

Closing lower by more than 3% in trading on Thursday was the ^BRF^ (below).

BRF chart

Pulling back for six out of the past seven trading days, BRF is at its most oversold levels since rallying above its 200-day moving average last July.

Just inside of oversold territory above the 200-day moving average is the ^EWH^. EWH has closed below its short term, 5-day moving average for seven consecutive trading days.

Up 13 straight trading days, the ^FXE^ is the most overbought fund in our database.

Increasingly overbought above the 200-day moving average is the ^SPY^ (below).

SPY chart

The SPY has closed in overbought territory for four consecutive trading days, closing higher again on Thursday.

With strong pullbacks in stocks like ^KFT^ and ^PG^, it is little surprise to find the ^XLP^ among the more oversold ETFs heading into trading on Friday.

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David Penn is Editor in Chief of TradingMarkets.com