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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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  • GLD - Bottom Is In But Do Not Chase It 0 comments
    Jun 2, 2013 11:21 PM | about stocks: GLD

    GLD - $133.92.

    The bottom is in but do not chase it. Buying on dip is still the good strategy until we see higher lows or a break out. It takes time to reverse the trend.

    The following chart showed how GLD bullish reversal was developed during the period from May to October in 2012. It tested $148.00 level four times but with higher lows before breaking out its $157 strong resistance:

    Right now we are still in the early stage of its rebound. We hope to see higher lows but have not seen one so far:

    Therefore we will keep watching its development and the macro environment before committing more money into stocks into gold/silver ETF and related miner stocks.

    Disclosure: I am long ABX.

    Themes: Gold, Gold Miner Stocks: GLD
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