Gold (GLD) sitting at resistance

AMEX:GLD   SPDR Gold Trust
I heard this on a global news program: "All the gold in the world can fit inside of a baseball diamond, but yet its value is greater than all of the farmland in America or six Exxon-Mobil's. Which would you rather own? All of the Gold or all of the farmland in all of America or all of the energy resources of Exxon-Mobile? I will reflect on this "relative valuation". I recall when the Palace in Tokyo was worth more than the entire state of California in 1989 and we all know what happened after that. It's all relative :-)

I have drawn out the resistance levels for gold based on the supply that halted the last two advances. We happen to be bumping into the supply here, which is why the price is just sitting here, in my opinion.
How will this market will unfold to capture the most amount of people on one side of the market? Once that happens we will have a great trade setup. Right now we wait.
Cheers to all. Technical Tim Friday, Feb 18, 2012 10:35AM EST

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