Tuesday, August 23, 2011

Apparently Gold (GLD) Can Go Down

Gold is down for the first time in 7 sessions (I'm using the ETF for charting purposes).  Lots of attention yesterday and this morning on non financial news networks I was skimming.  As mentioned yesterday the gold ETF was incredibly overbought and since early July, GLD has always bottomed at or above the 10 day moving average.  At this point, this is nothing but a much needed back and fill... frankly this can get all the way back down to the 50 day moving average without doing a lick of long term technical damage.  I'd expect whatever is said Friday to be the next catalyst - up or down.

As for the S&P 500, we remain in that 1120-1175 range.  1120ish has been a very strong floor the past few weeks.

No position

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