Monday, February 11, 2013

Gold comments

$GOLD - Chart Link - gold down nicely once again, down -$17 this morning.  Again the action from last fall and this year is lending more credence that gold may have that longer consolidation as I've discussed before - perhaps until Aug or to test one of the long term uptrend lines.  The peak in 2011 resulted from a much longer run than the previous rallies and thus it would make sense for this consolidation to last longer than the previous ones, also gold tends to be dead money from about May into the summer.

GLD - Chart Link - daily chart - well see if it breaks down into the lower channel once again

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