GLD Heading Down Towards 1-Year Trendline
Mid-Day Minute for Tue December 22nd 2009
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
Be alerted when Mike posts an article
The 12% drop in the SPDR Gold Shares (NYSE: GLD) from the Dec 3 high at 119.54 appears to have a bit more downside ahead, towards a confrontation with its 1-year trendline, now in the vicinity of 102.00 into 100.50 -- a support plateau that stretches back to March 2008. Right now, I have no signals indicating an imminent upturn, which leads me to suspect that the GLD will provide a buying opportunity in the 102-100.50 target zone in the hours/days ahead.
