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What is Gold Going to do Next?

Commodities / Gold & Silver 2009 Apr 09, 2009 - 02:48 AM GMT

By: Chris_Vermeulen

Commodities Best Financial Markets Analysis ArticleThis week in gold we have seen prices drop lower creating a lower low. This is generally not a good sign if we want to see higher prices in bullion and gold stocks. That being said, a lot of traders are now starting to short gold because is has filling its gap lower which occurred Monday at the open due to over night commodity prices.


I am refraining from this short term play because of several things:
1. Gold is still within its support zone and could reverse any day
2. Although we have a lower low this pattern could very well be a 1-2-3 wave retrace
3. Stochastic Indicator for gold is starting to turn up indicating possibly stronger prices
4. Gold stocks are currently at a short term support level

GLD Gold Fund Trading Chart
Gold GLD ETF Trading Signals

Gold Bugs Index (Basket of Gold Stocks)
Gold Stock Analysis

Technical Trading Conclusion:
The price of GLD has been retracing since February after making its big run from $70 to $98. We all know the market moves in zigs and zags and some bigger than others. And we all know that large moves always require some type of pause whether it's a sharp pullback, flag, Pennant, wedge or 1-2-3 retrace before continuing in the previous direction. Only time will tell what gold will do next. We simply must manage our exposure and focus on trading low risk setups when the momentum is on our side.

If you would like more information on my trading model or to receive my Free Weekly Trading Reports - Click Here

I have put together a Recession Special package for yearly subscribers which is if you join for a year ($299) I will send you $300 FREE in gas, merchandise or grocery vouchers FREE which work with all gas stations, all grocery stores and over 100 different retail outlets in USA & Canada.

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I look forward to hearing from you soon!

By Chris Vermeulen
Chris@TheGoldAndOilGuy.com

Please visit my website for more information. http://www.TheGoldAndOilGuy.com

Chris Vermeulen is Founder of the popular trading site TheGoldAndOilGuy.com.  There he shares his highly successful, low-risk trading method.  For 6 years Chris has been a leader in teaching others to skillfully trade in gold, oil, and silver in both bull and bear markets.  Subscribers to his service depend on Chris' uniquely consistent investment opportunities that carry exceptionally low risk and high return.

This article is intended solely for information purposes. The opinions are those of the author only. Please conduct further research and consult your financial advisor before making any investment/trading decision. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.  

Chris Vermeulen Archive

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