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Thread: GLD - Big Breakout over 130 today

  1. Default GLD - Big Breakout over 130 today



    I bought GLD 130.40

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    Gold has broken several layers of resistance. I'm still bear for a long term sentiment, but bull in this short term bounce off the 1269 level and the weekly 50% fib. Foreign data keeping this in play for the bulls. If the dollar remains weak then I would expect gold to retest the 1424 levels. Any break of that level will change my sentiment on the longer term.

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    Gold Futures traded up to a minor t/l on Friday and had a little pullback. I expect to see a continued pullback on Monday before testing the new area highs.

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    Any price area on the $GLD you like to take a long after the pullback ??

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    I would look for a retest of the 1347-1348 (50% current trend fib / Support level) down to the 1340 level.

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