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Moby Waller is Portfolio Manager for BigTrends.com's Index Options Timer (http://www.bigtrends.com/products/indexoptionstimer.html) and Advanced Options Strategies (http://www.bigtrends.com/products/advancedstrategies.html) advisory programs and is a Research Analyst and Trading Coach... More
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  • Is Gold (GLD) headed for another upleg? 0 comments
    Nov 2, 2009 11:27 AM | about stocks: GLD, GDX, ABX, GOLD, RAND
    The SPDR Gold Trust (GLD), which is a decent proxy for gold prices, is moving higher again today on the first trading day of November.

    Taking a look at the GLD Daily Chart below, you can see that we pulled towards the key 100 level last week.  Daily Percent R also moved down from Bullish territory to test the key 50 mid-level.  We since have bounced from these support areas, and are approaching the old October highs.

    In October, the GLD got stuck in roughly a 102.5 to 104.5 range.  That range may again provide a bit of resistance ... but it looks to me like a breakthrough to new relative highs is in the cards.

    GLD Daily Chart


    Moby Waller,
    BigTrends.com
    1-800-244-8736

    Disclosure:  No current position.

    Themes: XAU, Gold, Metals, GOX Stocks: GLD, GDX, ABX, GOLD, RAND
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