Wednesday, July 18, 2007

GLD (gold) Trading At Last Month's High



Today gold was up $7.80 for the December contract as the dollar makes new multi year lows. As you know I'm bullish on gold and gold stocks. On July 6th I pointed out the inverted head and shoulders bottom that was developing in GLD and that was one of the reasons why I got long.

As you can see GLD is close to reaching the profit objective for this H&S pattern but I think gold will go even higher so I'm going to try and hold for a test of the year high. We'll see what happens.

1 comment:

throwaway said...

Hi Kevin,

Just wondered if you have moved your stop up at all for GLD yet? (as you have probably hit the profit objective in this graph at this point). If you have moved it up have you kept it at a fixed distance from current price?

I presume you haven't sold as you said earlier that you were aiming for this years high?

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