Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GLD : Gold Update 05/07/2014

|Includes:SPDR Gold Trust ETF (GLD)

Gold continued lower as expected. Today, Fed Chair, Janet Yellen gave her testimony to the Joint Economic Committee. And as to no surprise she was relatively upbeat about the outlook of the economy, even though Q1 GDP scraped by at a mere gain of .01% growth. She did mention that the housing market is a concern at the moment, due to new building permits presenting a dismal 2.4% growth in March. She added that the housing market will be watched carefully and accommodative policy will amplified should growth continue to slow.

No changes in economic stimulus packages were made today and Yellen foresees a continued tapering of Quantitative Easing. I believe gold will continue it's downward trend, and we will see the breach of my main price target of 123 within a few days time. If GLD happens to move sideways the breach could take up to a week, but this is not my primary presumption at this time.

GLD

High:125.57 Close:124.17 Main Target:123.00 Alt. Target:128.25

Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in GLD over the next 72 hours.

Stocks: GLD