Here is MarketClub's analysis.
Monthly indicator is bullish but weekly and daily are negative.
After being in an undecided territory GLD started its downward spiral making its earlier support now a resistance line.
Using some Fibo and Elliott wave theories I would guess the downward spiral might be of similar length given the one from 98- 89.
If the length of current decline is the same as the one before we would expect ten basis points from 94 which is around the 84 level before some rally.
RSI indicates oversold, MACD is in bearish territory for right now and volume is down. Need some volume to pick up upward trend. Thoughts ?
2 comments:
good to know. thanks! I am staying out of gold and silver for a little while but they seem oversold like you say
Hey Tapan, thanks for the advice I'd been telling you that I wanted to look into Gold, I guess this is the one good time that I'm a procrastinator. Have you heard about or know anything about investing in the I think its the Dinar from Iraq? I've heard that this is a really good time to invest into it. What are your feelings on it? Pros and cons, I would like to hear. Thanks JJ
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