Gold At Key Level

The gold ETF’s (GLD)  closed above its 50-day moving average for the first time in over a month after its 1.22 percent move on Friday.  The chart below illustrates the 50-day has been key resistance since the correction from around $1,800 on cash gold began in early October.

The GLD was also able to close above ( just barely) a key Fibonacci level and paves the way to test its the 52-week high at $174.07 ($1,795.78 cash).  The risk is that gold becomes a risk asset and sells off on fiscal cliff fears.

We like its chances, however.   After all, Soros is buying.

Always with a stop.

(click here if chart is not observable)

This entry was posted in Gold and tagged , , . Bookmark the permalink.

3 Responses to Gold At Key Level

  1. The Wolf says:

    A reblogué ceci sur le blog a lupus…un regard hagard sur l'écocomics et ses finances…. and commented:
    Add your thoughts here… (optional)

  2. ngenghou1962 says:

    I think gold prices will likely to consolidate rather than trying to reach new highs in 2013

  3. tartishow says:

    In my opinion gold will be up next year !

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