Gold continued is decline today, the SPDR Gold Trust (NYSEARCA:GLD) dropping to $125.39 -1.82 (-1.43%). Just ten days ago, the GLD traded as high as $131.15. Most investors are not sure whether to buy gold here for a bounce or run for the hills and hide. The answer can be found in the daily chart of GLD. Multiple signals/indicators tell us that $123.27 is the buy level. This should be achieved within a week. Note the reasons below.
1. Previos pivot high from April 29th, May 1st & 2nd at $123.75.
2. Fibonacci 50% retrace level at $123.20
3. Daily 50 moving average at $122.85
If you average these three levels which are all close together you get $123.27.