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September 25, 2009 / Jeb

Gold GLD Chart Shows Precious Metals Pulling Back to Support

Several weeks ago I discussed the technical action of Gold.  Since then gold has made a major breakout.  After a sector breaks out it is important to realize that there will be a technical rebound.  Traders take profits and when the reaction finishes then resumes the original trend.  Very commonly it retraces half of the original move.  Another point to add to your gold positions is when it touches the 50 day moving average around 95.  Don’t be scared out of bullish patterns at technical breakouts and rebounds are normal in analysis of stocks.  gld

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