Skip to content
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.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: