A Market Timing Report based on the 11-08-2013 Close published Sunday November 10th, 2013
GLD must soon find support at 122.73 or 121.85 or the extension of the lower white channel line or 114.68 (bottom red line) will be the next target. Gold is falling because interest rates are rising and it is believed that the economic recovery is under way. Rates rising in recovery is the expected scenario. If rates rise too fast, inflation is contained and gold serves less of a purpose in protecting one’s wealth. That’s the theory.
Here’s the chart:
I expect GLD to test the red line above the lowest one on the chart above by tomorrow. GLD is down slightly in the overseas market tonight.
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