Golden Week?

On my last post concerning GLD, I suggested that the chart looked bearish and a fall could happen if trend line support was broken (see March 24th chart). At that time, GLD was at 90.95 and sitting just above trend line.

Today, GLDis priced at 86.31 and seems to be struggling (congestion) around horizontal support at 86.  I haven’t had much interest in GLD since its fall below trendline support, but it’s catching my eye again – at least enough to see how it handles 86.

If gold and silver move up, I might take a long position in GLD or look at related stocks/ETFs.  UXG is consolidating nicely around MA50 and MA20. Others include ANV (approaching 52 week high), CDE,  and  HL.

Tags: ANV, CDE, GLD, HL, UXG

GLD Interesting Here

Check out this pic (click to enlarge).  I think everything in the short-term depends on this trendline.

GLD Daily

Tags: GLD

Finally

I’ve been boring you with all of my recent posts on GLD and its pullback to support around $88, so this is probably the last one for a while.  I was looking for somewhere a little lower, but GLD did move as expected based on purely technical analysis.  Congrats if you moved in today and took advantage.  The market is too emotional to say what will happen tomorrow, so a nice tight stop is in order. 

current GLD chart

Today’s GLD volume was strong. However, volume was down relative to  the last few weeks.  That’s ok, but we’ll need to see strong or improving volume Friday if GLD is going to continue up. Otherwise, this might been a headfake.

I would set a stop along the trend line support and see how tomorrow goes.  If it moves above $92.15 and holds.. it may have found new support.

Tags: GLD

And AGAIN Still Looking For GLD Bottom

Time to revisit my chart on GLD from 3/2.  I was looking for a continued reversal down to $87/88 range and we are oh, so close.  We actually made it down to $88 plus some change today.   My original call was back on 2/24 and we’ve run down from there. Well, now we’re near the bottom of that channel, so it has become interesting and the chatter is up.

What now?  Sit and watch.  If GLD can hold (consolidate or bounce off of the mid $87 area) I might be interested in going long.  However, and to me more likely, if GLD does not hold support, it might be time to take a short position.  I might look at DZZ as the short gold ETF.

BTW – DZZ is hitting resistance trend line just like GLD is nearly sitting on support.

Thursday and Friday will tell.

Tags: DZZ, GLD

Still Looking for Gold Bottom

Yesterday, I posed the question of whether or not gold had hit a temporary bottom and was positioned to move back up.  Well, it definitely wasn’t ready to move back up today.  GLD is still in a free fall with fewer and few buyers coming to the table.

My GLD pullback target is now $87 – $88ish.

Check out the Chart

Tags: GLD