GOLD - GLD coiling

[waveslider 10]

6 months GLD has been coiling sideways near weekly highs.

 

Notice how the 50% levels line up from 2 sets of peaks/troughs.

 

The spike down through the lower line last thursday was a good violent move if you look at the intra-day. It could have scared the weak hands enough to send this to new highs.

 

The way GLD has consolidated near highs on the weekly chart seems bullish. However I think there could be made a case for an "adam and eve" style top looking at the weekly.

 

Any opinions?

[torero 10]

I see a symmetrical triangle forming, so for now just buy support and sell resistance until prices break out either direction.

[Dogpile 10]

I tried a long entry on Gold this week and it just refused to move either direction while EC took off ( though EC rolled over later). The inability of Gold to rally when the dollar was weak might be indicating underlying weakness. But for me, I am just avoiding this 'deadness' until it shows some signs of movement.

[waveslider 10]

If you draw a relative strength line vs. the S&P gold is certainly outperforming just about everything in the market except bonds since the down move earlier this month.

The violent sell offs just can't hold, so far...

[waveslider 10]

Yeah looks like the break out was as expected - but nice volume past few days. The dollar index will have to fall for this break out to hold.

[Maverick0325 10]

Can you please tell me where I can find daily price information on the GOLD?

For example, i would love to see a place that has O,H, L, C, Daily Fibs, Daily & Weekly Pivots, and any other commentary such as Market Profile.

 

thx in advance everyone!

 

Joe