Monday, March 05, 2007

Gold: Testing Support



As you can see in the above chart, GLD is trading within a rising channel and is now approaching the lower portion of this channel. I'm so tempted to buy gold here but I think I'll just watch and do nothing. Last week gold and silver both had bearish weekly engulfments. I'm not going to get in the way of this downward momentum.

2 comments:

Sandro said...

I agree that if gold goes up, it'll do it slowly, we'll have plenty of time to jump in.

Eric said...

looking at GLD on the weekly chart you can see that right around that 62.40-62.50 will be the 50ma and also a backtest of that prior upper trendline that we has broke out of. matches up with your daily chart. Just a thought but i agree that we should observe

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