Thursday, May 20, 2010

GOLD - Double Topping Pattern

Last week we noted that GLD gapped through December's bearish island and we said that the gap should hold as support, otherwise we could be looking at a double top for GLD.

So when GLD gapped lower on the open yesterday, we had a perfect shorting opp. I prefer to trade gold stocks than the ETF, so I traded GG as depicted below.

3 comments:

EdwardG_Burrell1016 said...

噴泉的高度,不會超過它的源頭。一個人的事業也是如此,它的成就絕不會超過自己的信念。.............................................

Jim said...

I have been eying gold's mid-term 1225.00 resistance level for awhile. Today(May 26th), the market firmed up to 1215.00 area(as of right now), and I believe the next few days will tell us a lot about the future of gold.

If it hits 1225.00 and then retreats again, I think we are in for a market reversal. If it is able to close multiple times above this resistance...sky is the limit.

Check out my site below. I offer free trading education, free eBook, and a platform to practice trading on.

Future Options Trading .

奎峰 said...

我們不是因為快樂而歌唱,而是唱歌使我們快樂..............................