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December 9, 2009 / Jeb

Gold Stock Analysis (GLD), Secondary Buy Point Coming Soon!

No one can deny that GLD is a picture perfect bullish chart.  After breaking out of a symmetrical triangle GLD rallied way past estimates and got overbought and extended.  Profit taking is normal especially when it exceeds the upper channel.

GLD is showing a secondary buy point at the 50% retracement around $107.5.  This is also close to the 50 day moving average and the rising support trendline.

I still believe GLD will continue to $1300 after we find support.

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