Market Timing Brief for the Gold ETF (GLD) Close On 12-20-2013: Tested the Major Low.

A Market Timing Report based on the 12-20-2013 Close published Sunday December 22nd, 2013

Gold tested the prior major low and bounced slightly, which is only a start.  The response of the 10 Year Treasury Yield was to initially rise to test the 3% area, but the close as the chart shows (link to right), there was a pullback that followed back down to near the Weds. close.  If the 10 Year Yield stays near 3%, gold will have a chance to rally from here, but if Treasury yields continue to fall this week, gold may break down to a significant new low.  If you buy here, please strongly consider using a stop.  The fall below support could be damaging.

Here’s the chart:

gld-gold-etf-market-timing-chart-2013-12-20-close

Gold tested the major low and bounced a little. More work to do to prove a double bottom is forming.

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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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