timwest

GOLD (GLD) in a big wedge

AMEX:GLD   SPDR Gold Trust
3
The chart of Gold ( GLD etf ) is stuck between a rock (at 173-175) and a hard place (at 163-160). We are closer to supply here at 170 so that gives me the idea to sell short and look for a break down to the 165 area while risking 5 pts. It is a 50/50 trade, so not a high payoff trade, but to me it is a high probability trade. The chart displays quite nicely how the buyers are buying higher and the sellers are selling lower as the market converges on a price. Volume continues to edge down as the year end approaches and as we wait to see what happens next in the European financial quagmire.

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