Tuesday, March 10, 2009

Gold Closes Below $900



Gold was down today closing below the psychological support level of $900. If you look at the above chart of GLD, you'll notice that the market closed below its 50 day moving average for the first time since this uptrend began. I will say however that GLD is now testing a very significant support level at 87.00 to 87.50 which is the uptrend line as well as the high from December.

5 comments:

Anonymous said...

very good picks all the time kevin - I watch the blog often and find it very inspiring

Anonymous said...

Won't that make gld a perfect entry?
As you said it is right at support, it is till in an uptrend,
entering here with a stop a couple of dollars below it may not be a bad decisssion. After all bull markets always suprise to the upside.


Costas

Kevin said...

If you're bullish, this would be the place to buy it.

Mr.FinViz said...

Well, that's the thing with trend-lines. I thought we already broke it [http://tradomatic.blogspot.com/2009/03/update-on-gld.html] :-(

Lets see how it goes.

Anonymous said...

"If you are bullish this would be the place to buy it"

My opinion should have nothing to do if a stock is bullish or bearish.

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