Wednesday, February 25, 2009

Short Gold technical analysis

We looked at the technical analysis of Gold in my last post. I was tempted to a short one today based on the latest happenings based on the ETF GLD

Recently GLD has been dropping and the close for yesterday seems to be a support for 20 day EMA and also one last high.
MACD indicators say we are in slighly overbought market.

Daily chart indicator using trade triangles gave a sell signal at $95. Weekly charts still have the green signal.

Personally I think 20 day EMA and 50 day EMA could be very short term support levels for some intermediate term fall.

Allan's recent Elliott wave blog posts have been saying we are in declining Gold.

What are your thoughts?


Enlightened said...

hmm ! very good blog.