Tuesday, January 28, 2014

Where does gold go from here?

Here's a GLD chart:

I'd want to see GLD stay above the EMA(16) and Bollinger mean, which would mean its uptrend channel isn't violated.

If it farts back down below the SMA(50) (that's $119.39 right now), then you have to ask yourself if this was yet another October fakeout, and is there more downside to come for gold?

I don't think Whitey has any gold left to sell, but who knows?

Complicating things are news reports out of the Fed meeting that Janet Yellen had bran flakes for breakfast, or something, hell I dunno. But whenever the media says "Fed", expect the price of gold to react.

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