Stock Chart GLD

Stock Chart Analysis GLD

SPDR Gold Trust (ETF) (Public, NYSE:GLD)

Is Gold ready to turn higher, or is it in the process of topping out? It is starting to look like we will find out very soon which way gold will go next. Below is a chart of GLD, the ETF that tracks gold prices. Keep in mind this is gold the asset, not gold miners. I will first warn, that I have not had much luck in trading gold or gold stocks the past few months, but it looks like a possible setup is forming here. GLD was on a great trending move for 2007 and early 2008, before beginning a correction. The correction has been fairly well organized, and the wedge it was following was broken to the upside about a month ago. GLD also pulled back to a previous pivot high and it looks like it is holding as solid support. GLD has basically consolidated the past few weeks and may be close to setting a higher low. This could serve as the launching pad for a new leg up which would ultimately challenge $100. The key levels to watch here are a break under $84.50 which could lead to a break of the 200 sma and horizontal support, and $89 on the upside.



update 6/26/2008: My buddy doc, who is a gold bugs gold bug, wanted me to mention how he has been bullish gold bullion in a big way. Of course he is neither a real doctor nor a mining executive, but he wanted his opinion to be known.

Good Trading,


Joey

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