Gold, Silver, Index ETFs Post Mini Crash

By Chris Vermeulen of TheGoldAndOilGuy.com

NEW YORK (TheStreet) -- As we all know, last week's stock market blip/mini crash was very emotional for those who were watching it or trading it live. A lot of money changed hands last week and you either lost a bundle or made a bundle.

I did send out somecharts and a video on Thursday night about the market crash/recovery, if you have not seen it.

Below are my ETF charts for the commodities and index I actively follow and trade.

Gold Bullion ETF (GLD): Daily

GLD is a great ETF to trade, as it generates 10-20 quality, low-risk setups each year. The chart clearly shows the large rally in late 2009 and the correction as it formed patterns moving from a downtrend -- base -- and back to an uptrend.

U.S. Dollar Index: Monthly

This weekly chart shows some serious potential for gold and silver prices. The USD is now trading at a key resistance level and will likely have a tough time moving higher. The dollar has been moving up for several months and looks ready for a pullback or at least a pause. If the dollar starts to roll over in the next few months, then we should see gold and silver move substantially higher.

Silver Bullion ETF (SLV): Daily

Silver, like gold, bounced off a key support level last week as investors started to buy silver as a safe haven. Gold moved up sharply on the day of the intraday market crash, while silver traded sideways for a day before joining the party. The following day, investors startied buying up silver, because it was lagging its big sister "yellow gold."

Oil Fund (USO): Daily

Several weeks back I posted this chart showing how volume was drying up as oil tested resistance on declining volume. This indicated to us that once the price started to roll over, it would trigger a sharp selloff as short-term traders, who bought in anticipation of a breakout to the up side, sold out of their positions, once support was broken. This is what caused the heavy volume and sharp price drop.

More on ETFs

ETFs to Sidestep European Debt Crisis