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.
Posts
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
5 comments:
very good picks all the time kevin - I watch the blog often and find it very inspiring
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
If you're bullish, this would be the place to buy it.
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.
"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.
Post a Comment