Gold Update – 12 April 2013

On 28March2013 we posted a video review of GLD in response to a question about the prospects of gold in the Ask The Trader Section.  At that time we suggested that GLD likely had more downside, but that under NO circumstances would we be interested in getting long.

Today gold is taking a decided down turn, so anyone who avoided a long and/or got short at that time has, at minimum saved money and in the best case, is sitting on decent profits.

GLD Daily 12Apr2013

From here, we suggest watching closely for potential reversal (at which time you would cut your short).  Alternatively, you could watch for a retracement back toward the 200 Day EMA and use it to enter a short.

Of course, there is also the ever-present possibility if you are in doubt… do nothing.