GLD - Chart Link - Gold getting hammered today, not surprised though because if you listened to my recent newsletters, you heard my warning. Otherwise this GLD chart broke down nicely and is nearing the lower target inside the channel.
$GOLD - Chart Link - however longer term this weekly chart shows major support near the 1525 - 1535 range - large descending triangle - if you are a 'gold bug' you do NOT want to see gold lose that lower support area because the pattern measures about 275 points, which would take gold down to a target of about $1250! Otherwise for now gold is still above that support
$GOLD - Chart Link - lastly here's my monthly chart of gold - if you've listened to our newsletters, I've said that I would not be surprised to see gold eventually test one of these long term uptrend lines. Also keep an eye on the 14 RSI indicator at the top of this chart, clearly that 50% level is very important.
otherwise regardless, I'm not gonna hold out for a specific price to be met - I'll react and adjust to the charts as they develop. I'll also monitor the COT data and if the Net Short falls below 100K, that would mark a significant bottom IMO.
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