Gold (GLD Etf) is on the verge of a yearly outer channel. As markets have a tendency to push buy and hold investors to despair, you can now expect the despair to occur again.
Time to find out if the BULLS are waiting at the end of a price dip, if GLD breaks the outer channel it will either be seen as a great buy or a chance to push prices lower. If the bulls are there we shall see some volume behind the buying. If not, more despair for the buy and holder investors of gold.
Recently gold has been swing inversely to SP500, therefore for gold to rise in price the stock market needs to slump.
Readtheticker.com believes that any new low is a great time to buy physical gold for the long term. May not be a great trade, but a great chance to accumulate a small percentage for your asset portfolio.
The chart on the verge...
The long channel...
NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
Investing Quote...
"Frequent requests are made for the name of someone who will teach the Art of Tape Reading. I do not know of anyone able to read the tape with profit who is willing to become an instructor. The reason is very simple. Profits from the tape far exceed anything that might be earned by charging tuition fees to his students. Its simple economics." ~ Richard D Wyckoff
"If past history was all there was to the game, the richest people would be librarians." ~ Warren Buffett
