GLD – Simple Trading Update 11 October 2013

simple trading

We haven’t written about the Gold ETF (GLD) that we follow most closely in awhile, because there hasn’t been a lot to say.  In our view, as long as GLD stays below the 200 Day Exponential Moving Average (EMA), there is no reason to change posture.  There was a nice run higher from late June until late August, but since then the overall down trend has reasserted its dominance.  The down arrows on the chart above delineate the zeniths of failed rallies.  Friday’s gap and hold lower suggests there is more downside to come.  In our view, absent more Washington D.C. shenanigans, we will see an equity rally into year end making $116 on GLD a virtual certainty.

Tell your peeps...

Leave a Reply