A Market Timing Report based on the 11-15-2013 Close published Sunday November 17th, 2013
Last week I said: “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 now above critical support, but if you look at the chart below, you’ll see that there is a high surrounded by two shoulders, one formed by one lower high to the left on the chart and the other formed by a double top at a lower high on the right that matches the height of the lower high on the left. That’s a head and shoulders formation, which if it breaks would allow GLD to fall to about 111. Ouch!
Here’s the chart:
Gold is in a bit of a dangerous place.
Gold is a bit weak in the overseas market tonight. It’s good it held a third test at the red line. That’s a lot of testing. Another test is likely to break.
If GLD can hold above the 2nd red line from the bottom of the above chart, it has a shot at making a new high above the 8-27 high.
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