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Jeff Pierce
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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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tradewithZEN
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  • Gold Likely To Trade Higher Short Term 0 comments
    Dec 10, 2013 10:33 PM | about stocks: GLD

    By Jeff Pierce

    Gold is likely to have a short term bullish bias now that it's retested the July lows, held, and started to move higher off those levels. Back in August I suspected we would have to revisit the lows before we could say a decent support level could be formed and now the $1175-1225 level seems to be that support it needed before finding a bottom.

    I have a feeling that we'll be looking back month's from now when gold is back to $1400 level thinking that the easy money has been made on this trade when it trades back into resistance. At that time we'll have a clearer picture if July 2013 was the lows or if it was just a stop gap before gold makes it's ultimate bottom near $1000.

    (click to enlarge)

    Gold weekly remains in a long term uptrend.

    (click to enlarge)

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