GLD: Positive
Our gold model has turned positive, and this coincides with the improving technical picture, which I discussed 2 weeks ago.
Figure 1 is a daily chart of the SPDR Gold Trust (symbol: GLD). The black dots are key pivot points, which are the best areas of support (buying) and resistance (selling). A second close above the 163.34 resistance point would be very gold positive. Support is at 159.88, and a daily close below this level would be reason enough to reconsider this trade.
Figure 1. GLD/ daily
More on this topic
(What's this?)
Gold Investing Heats Up
(Wealth Daily, 6/10/13)
ChartsEdge 6/10/13 week forecasts for equities & gold
(CHARTLINES (tm), 6/9/13)
Force Majeure in Gold
(Wealth Daily, 6/11/13)
Category: Gold
How about GDX? (I’m long this week at 46.20). Thx!
see http://www.thetechnicaltake.com/2012/03/22/gdx-not-pretty/
for GDX
Either it bounces up to 1780+- USD/ounce for another small dip before further rise, or either it will continue on a slippery slope.
the fundamentals remain strong for gold; and it is at the bottom of a range