This can be seen very clearly in a PnF chart of GLD, the last 3 times GLD has reached these levels it has started a new downtrend.
Going long DZZ is a way to play a gold down turn.
My first target is $20 my second is $22. My stop is $18.50 now.
Thursday, September 10, 2009
Gold Member
Gold has enjoyed an inflation fear and a dollar that is getting beating like a poor earning lady of the night, plus on a techincal level Gold has broken out of its triangle causing additional buying. But again Gold has reached a key resistance point and failed.
This can be seen very clearly in a PnF chart of GLD, the last 3 times GLD has reached these levels it has started a new downtrend.
On a candlestick chart it looks like this:
One thing to notice the divergence in MACD, if this was a true strong breakout on gold MACD would have made new highs, but instead it remains in a downtrend.
Going long DZZ is a way to play a gold down turn.
My first target is $20 my second is $22. My stop is $18.50 now.
Entry this trade at your own risk. You may lose money and self-respect. So enter the trade because you want to, not because of this post. No trade is a guarantee.
This can be seen very clearly in a PnF chart of GLD, the last 3 times GLD has reached these levels it has started a new downtrend.
Going long DZZ is a way to play a gold down turn.
My first target is $20 my second is $22. My stop is $18.50 now.
