Wednesday, October 28, 2009

A Level To Watch In Gold



Gold has been selling off over the past few trading sessions and is rapidly approaching a very significant level. If you look at the above chart of GLD you'll notice the psychological $100 level was resistance last month and may now act as support.

I personally don't think the $100 level will hold because silver has been very weak and it may pull down gold even further. We'll see how things unfold.

1 comment:

ron said...

Kevin,

Thank you for your blog. I enjoy it and find it very useful. I personally find the gap, which to be filled is just below your price support area, a valid support area. If gold closes beneath the presently open gap, it would change my opinion to bearish on gold.

Ron

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