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Monday, February 28, 2011

Gold Stater Gold Update: Danger formation in GLD

Gold Stater Gold Market update Market close Feb 28

Technical analysis is a guideline. Nothing is set in stone. However, formations tend to repeat.

Please note in the formation above the similarity to the formations just before the last several gold sell offs. In the small graph above I tried to draw a square around two very similar formations. Please excuse the poor graphics. I'm still learning how to use them. Nevertheless I thought it worth while to point out the current formation to anyone who might want to take a little bit off the table at this point, at least until the uptrend is reestablished. I doubt the sell-off will be deep (if it occurs at all) given the state of the world. But it never hurts to be careful.

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