Saturday, August 27, 2011

GOLD - Heading Higher But Not For Long

Weekly - After a volatility squeeze and trading outside the upper Bollinger band, it is very over bought and ripe to come back down to earth. GLD has show consistent buy points at the middle Bollinger band on the weekly chart. Look for pull back to at least the $160 range to take a position.

On the daily chart, GLD is showing resistance along the upper Bollinger band. Look to short or exit once this happens again (if it does). The upper band seems to be flattening out which suggests we could be leveling off in volatility and buy action.

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