Thursday, December 19, 2013
GLD Gold ETF Weekly Chart Downward-Sloping Channel Oversold Falling Wedge Positive Divergence Lower Band Violation
GLD is the gold ETF. The weekly chart shows oversold conditions, falling wedges and positive divergence. Positive divergence on both weekly and daily charts is a strong combination for upside. Since the down move has momo, it may take a week or 3 to finish basing. Price fell through the lower standard deviation band so a move back toward 126 and higher is on tap for the weeks and months ahead. Price will need to break up and out of the blue channel to show the base is in. The downside appears limited for gold moving forward with a more attractive long side play in place and setting up. Projection is sideways to sideways higher moving forward. Keystone is long the gold miners but has no position in gold as yet. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.