Monday, May 24, 2010

Gold Bounces Off Support


Gold was just about the only market that was up today along with the U.S. Dollar. As you know I've been looking for a pullback in the gold market and as you can see that's exactly what we got.

If you look at the above chart of GLD you'll notice that the 114 support area appears to be holding after it was successfully tested on Friday. The fact that GLD was up today along with the dollar is a bullish sign but it's only one day so far that we are seeing this. I'd  like to see GLD successfully test that support area one more time at which point I may consider buying it. For now I'll just watch and wait paitiently

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