Investing.com - Financial Markets Worldwide

Gold ETF Due for Bounce

Published 03/13/2012, 03:32 AM
Updated 07/09/2023, 06:31 AM
GC
0.10%

The daily chart for Streettracks Gold (NYSE: GLD) has declined quite a bit since making a rally high back on February 28.

The decline on February 29 was steep and GLD has been unable to make much headway since. But we could be due for a bounce in coming days.

Remembering that GLD is very volatile and a stop must be used to protect any trade, GLD is holding just above support at its 50-day and 200-day moving averages.
GLD

We could see buying come into this sector though how long it would last is not known.

A buy near current levels, at $165.00, with a close stop below the March 6 trading lows at $161.78 would be a low risk entry for a potential bounce from here.

There is strong support near the $160.00 level where the last rally took off on January 25.

Disclosure and Disclaimer: We do not currently have a position in Streettracks Gold. Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market and the 2008-2009 bear market his bearish positions resulted in substantial gains, all achieved by trading trends.

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