Gold bullion (see the GLDETF) broke above the already steep uptrend resistance line and accelerated to a break-neck speed.
The uptrend of the SPDR Gold Shares (GLD) ETF is accelerating.
The Fidelity Select Gold fund (FSAGX) closed up 2.19% on Friday and was the best performing sector fund. However, the price pattern of FSAGX shows divergence compared to GLD. FSAGX will need to break above the April highs to resume its uptrend. It is also possible, that the divergence is an early warning, which signals that the speculative bubble in gold bullion will not continue on the long term.
The Fidelity Select Gold fund (FSAGX) is up in a weak market, but still in a trading range.
The Fidelity Select Medical Equipment fund (FSMEX) is one of the few funds finishing higher today in a weak market. Although the fund is above it’s 100 day moving average and one of the strongest amongst sector funds, the price pattern has not turned bullish yet.
The Fidelity Real Estate fund (FRESX) is down 2.63% after the close. Real Estate Income (FRIFX) is weakening too, but still stays in uptrend.