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Homyk Registered Apr 2011 |
Hi, this is my analysis of gold using the GLD ETF. This is the June edition and the analysis will be updated in July.
Long time frame 
Gold has been moving in a steep channel for years if not for a decade. Price now resides in the middle of a strong but a bit inconsistent channel. When I say strong we see that price has conformed to the channel for several years and tested it several times. What I mean by inconsistent is that it doesn`t hit the lines cleanly but bounces early on numerous occasions. This might indicate that there are strong resistances and support I haven`t been able to find on my chart. The uptrend looks healthy and it also has good volume on occasions. Medium time frame 
In the medium term we see that gold is breaking on the downside of a narrow channel and might be forming a medium term bearish channel. Price is at a very uncertain place at this moment in the middle of the wider channel. A move down to test the channel again would be something to hope for by the traders wanting to buy into gold. |
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