GLD - Retrace - Go Long
Symbol: GLD
[X] Entry or Additional Buying
Duration: Intermediate to Long Term
Direction: Go Long
GLD has retraced a good piece since our last good buying opportunity and looking at a daily chart, one could make the case that the retrace and retest of the breakout area has now successfully occurred.
I'm not certain on this count but I do believe that you have to be picking at these issues here with the idea of adding on further weakness and adding more if, over the next few weeks it proves that the intermediate term lows are indeed in again.
[X] Entry or Additional Buying
Duration: Intermediate to Long Term
Direction: Go Long
GLD has retraced a good piece since our last good buying opportunity and looking at a daily chart, one could make the case that the retrace and retest of the breakout area has now successfully occurred.
I'm not certain on this count but I do believe that you have to be picking at these issues here with the idea of adding on further weakness and adding more if, over the next few weeks it proves that the intermediate term lows are indeed in again.
posted by Tat | 7:14:00 AM
1 Comments:
As the day wears on, GLD has failed on the volume side of things today being unable to muster any volume on the upside as it goes against the 12/15 down day. As a result, I've actually taken a tad bit of my gold holdings off today thinking I still get a better entry. Be patient here to build the position. A break above today's highs on volume would be a reason to get more bullish. More likely, a retest of the $600 level on the bullion gives us our best entry point if that comes on declining volume.
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