timwest

GOLD (GLD) in a big wedge

AMEX:GLD   SPDR GOLD SHARES
549 3 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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the most profound analisys I've ever seen. Good job, Timwest!
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Rate cuts today in Europe couldn't get gold to rally... Longer term this adds to the bearish case.
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Gold (GLD) can be safely covered here (under 167 last, low near 165 target). Stand aside and we shall await another entry setup. For now, cover or if you refuse to follow advice, at least lower your stop to keep half of the open profits so far. The profit wasn't large, but I felt it was high probability based on the news, the chart and sentiment. Looking at the chart through yesterday's wide-ranging close near the low, I've found that if you can't get follow through the next day right away that it is best to stand aside, so that is what I think we should do. Here's hoping you are all doing your holiday shopping with joy.
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