Market Timing Brief for the Gold ETF (GLD) Close on 11-29-2013: Gold Low Beckons

A Market Timing Report based on the 11-29-2013 Close published Sunday December 1st, 2013

Gold went sideways this week, because rates went down just a bit.  Follow the 10 year if you want to know if gold will hold this short term support level of the past seven market days.  If it fails again, we’ll be forming a double bottom at the prior major low and Treasury yields will likely determine whether that holds as well.

Rising rates pressure gold because there is little inflation at the moment and rapidly rising rates would reduce inflationary fires even further.  Inflation is gold’s friend.  Deflation is its enemy.

Here’s the chart:

gld-gold-etf-market-timing-chart-2013-11-29-close

Gold holds new support, but prior major low beckons.

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I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.

Copyright © 2013 By Wall Street Sun and Storm Report, LLC All rights reserved.

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