Gold has close below the bottom trend line for the first time since NOV last year BUT still to early to say ( Close below Monday could confirm the short ). First Target the green line the 200 ma at about 1300 then for the Ascending Triangle about 1264 which is second target also support ... http://chartupload.com/viewer.php?file=30218285740445155701.png
Open gold chart, closing prices. Put in 144 day SMA or EMA. Check how many times the graph kisses the SMA on the downside in the past 2 to 3 years. It's as if the 144 dayer has become a major support level. Extrapolate that to the future, this could possibly be at about 1320 level, you could perhaps use this as your entry point.
it's Wednesday 19 Jan 2011 and...GLD sees Price pop above her Operating Downtrend Line extant since 30Nov 2010....and that is a sign that madame wants to get cheeky(and about time too).Naturally, being from the "Analyze This" annals of Illogical short-term Charts,GLD fascinates...since I was born confused in the 1960s and never left the era.Yes, I'm still there.Jim Morrisson was there.Frank Zappa was there.Hendrix,et al.I liked the 60s.It was the last of the gold-based era.Since then it's just....##Anyway,when GLD does move, she will reflect the imminent volatility-change, as the sucking sound of short-term Rand-sells echo across the Kruger Valley.Ja Swaer...she go up.
Mrtrader3...Aloha.I do not have a Stop Loss with GLD.I just have lots of cash to thoroughly cover my bet.She can go back to R80 if she wants.I don't care.I'll buy some more##However...with a Share,it's a totally different mindset.Mind-like-Steel-trap stuff.But not GLD.(a pedantic ETF.)...so the question you have to ask is >>> " If I buy at R92,can I cover till R80.( which is a proper conservative approach.Why? Coz the Long-term Uptrend Line is at R89( awesome buy-area.).I'm R9 below that....just in case.###Be like Monk with freshly-picked Grapes.Don't swallow,just squeeze in mouth....and you're One with Your Universe.Peace is a Trading Plan. Adios.