Gold - SPDR GLD - Daily - Bullish -support 122 - Resistance 132
I missed publishing this the other day when I made it. I like how the buyers are standing at the 122 level and the sellers have been compressing down on the market to the point now where the next challenge will likely cause a market disruption to the upside.
Gold really failed to impress the world on the Russian-Crimean War last month (I just made that up that name) and the retracement back down was simply a washout of the recent buyers who ran it up on the news.
Well, the market held on the retracement and it looks poised to make some upside progress here.
If you think about how much paper money has been created in the past few years, and how little gold has been dug out of the ground, you could certainly argue forever that the price could go higher. But markets do what markets do and often frustrate us with their patience. Also, we have the unfortunate reality that people in high places have the potential to "influence" the price of gold in order to maintain order and peace in the markets, so there is no way to tell when and if there will be "inside" influence in the price of gold to keep it from rising.
From a risk-reward standpoint, GLD has some upside potential with reasonable downside risk.
All the best,
Tim 4/4/2014 11:40AM EST 125.65 last +1.72 today
Gold really failed to impress the world on the Russian-Crimean War last month (I just made that up that name) and the retracement back down was simply a washout of the recent buyers who ran it up on the news.
Well, the market held on the retracement and it looks poised to make some upside progress here.
If you think about how much paper money has been created in the past few years, and how little gold has been dug out of the ground, you could certainly argue forever that the price could go higher. But markets do what markets do and often frustrate us with their patience. Also, we have the unfortunate reality that people in high places have the potential to "influence" the price of gold in order to maintain order and peace in the markets, so there is no way to tell when and if there will be "inside" influence in the price of gold to keep it from rising.
From a risk-reward standpoint, GLD has some upside potential with reasonable downside risk.
All the best,
Tim 4/4/2014 11:40AM EST 125.65 last +1.72 today
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