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Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Gold GLD ETF Heading Down Towards 1-Year Trendline

Commodities / Gold & Silver 2009 Dec 22, 2009 - 12:26 PM GMT

By: Mike_Paulenoff

Commodities

The 12% drop in the SPDR Gold Shares (NYSE: GLD) from the Dec 3 high at 119.54 appears to have a bit more downside ahead, towards a confrontation with its 1-year trendline, now in the vicinity of 102.00 into 100.50 -- a support plateau that stretches back to March 2008.


Right now, I have no signals indicating an imminent upturn, which leads me to suspect that the GLD will provide a buying opportunity in the 102-100.50 target zone in the hours/days ahead.

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By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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Comments

Wendy
22 Dec 09, 20:02
GLD ETF

I have been looking into different trades on the market. There is still a lot I have to learn and the one thing that has caught my eye is the gold bear ETF. Is there anything that can be e-mailed to me that specifically described this catagory?

Thank you for the information.


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