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Gold Bugs: Shakeout Or Fakeout, Part 4 Of 4

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
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Above is a daily chart of GLD . In a classic bull or bear debate about gold , it's always wise to look at objective evidence, rather than trade on just emotions. Please, if you will, look to the far right on the chart. There you will find S2 and S3. These are support points for price. In "Gold Bugs Part 3" we clearly identified where S2 and S3 came from, didn't we? This is the Fibonacci level of .382 (S2) and a 50% retracement zone (S3). Currently, Aroon is negative on a short term basis, the Stochastic/RSI has three lower tops, and MACD-65 is drifting lower. I added the Ichimoko Cloud (purple cloud on chart) which is drifting higher, and this is a bullish sign. A logical entry point to go long on GLD is at S2 or S3, provided that Aroon is green above red, the Stochastic/RSI starts an upswing from an oversold level of around 20, and the MACD-65 is in an upswing and above zero. I hope this four part series about GLD has been helpful and informative. This may even help you in your FOREX understanding of the USD. Yours for better trading, Don.
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