If GLD goes below 154.19, it'll go down further, but we are at an area now where the BB bands are narrowing out quite a bit. Technically from the standpoint of bottoms going back 11 months, this is a bounce area right here at the bottom of the band. Resistance is possible at the 18 day MA, but could break thru to 164. Keep in mind this is all connected to what they do in Europe, the Euro, the Dollar both which control the S&P. Europe starts printing money to save Greece, GLD will fly.
Thanks for the info destiny. I kind of got the fundamentals down ok and I have a small position but just wanted to know where and when I should be adding to my GLD. Some people say that it is going to 1100 or 1200. I didn't want to get caught up in that after I bought more.
"Europe starts printing money to save Greece"
Over Germany's dead body...The US Fed is charged with controlling inflation, deflation and unemployment... The German Fed (remember the 1919 Weimar Inflation) is only charged with controlling inflation...They will not debase the Euro to save Greece...Greece will "man up" or out they go..
GLD has been testing 1600 for the last month. Every time we approach 1600 it rebounds but can't break 1700. We will see what happens this week as it dips again towards 1600. I think GLD will be moving sideways for some time to come.
There actually is very little support as support turn into resistance!
only to be followed by
Global Macro Economic Collapse and a Mass Flight to the Safety of the DXY/Bonds and US Markets
Watch as Global Sovereigns, Financials and Banks must sell off all Liquid Assets of which Precious Metals and Crude holdings are the most liquid
Capitalization Mandatory if the EZ/EU is to survive this Massive Down Turn!
That's pretty funny. You think the Fed is selling gold now? If they knew QE3 would push up the price of gold, why would they sell it in advance? The Fed is supposed to MAKE money for the Treasury.
The hedge funds are under pressure and they need to blow up their gold trade because it's the only thing that worked this year.