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Lejun James Shao is the founder of www.myIRAs.net (http://www.myIRAs.net/), WhitePine Investment Inc of USA, and CEO of WhitePine Software Inc, Beijing, China. He was the top finisher in MSN's 1st US One Million Dollar Investment Contest, "Strategy Open Tournament," with a +45.88%... More
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  • What Is Next For The Gold Price 3 comments
    Feb 18, 2013 10:04 PM | about stocks: GLD

    We were quite bullish on the possible trend reverse of gold price at the beginning of this month. But the analysis we did proved wrong.

    Below is the weekly chart for GLD. GLD had two gap down moves last week.

    First, last Monday from 161.57 to 159.70 and the second, last Friday from 158.35 to 155.76.

    It bounced back Friday when it touched the bottom of its down channel at around 154.56. It is short term oversold and may see some rebound this week but it is highly likely that it will drop further to $150.00 area before we see the real bottom.

    The recent quick drop provided another very good short term buying opportunity. As the chart showed that whenever GLD had a big and quick drop, it will be followed by quick, big rebound.

    Can history repeat one more time?

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: gold, gold miner sector Stocks: GLD
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Comments (3)
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  • sundate36
    , contributor
    Comments (291) | Send Message
     
    James - thanks for the update! It's always good to have your perspective.
    19 Feb 2013, 01:02 PM Reply Like
  • sundate36
    , contributor
    Comments (291) | Send Message
     
    James - do you think $EGO is ready to stage a little rebound from oversold levels acc. to the chart?
    19 Feb 2013, 04:52 PM Reply Like
  • jsIRA
    , contributor
    Comments (2687) | Send Message
     
    Author’s reply » All gold miner stocks are oversold. But it is hard to say whether it is bottomed.

     

    EGO - $9.95.

     

    Candlestick pattern: doji star; may be a sign of trend reversal.
    Chart pattern: possible double bottom.

     

    GLD - 153.33. Short term oversold ready to bounce. But I still hope to see 150.00.
    20 Feb 2013, 12:07 AM Reply Like
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