Monday, July 28, 2014

Big Shiny Tunes II: Gold (GLD)

Returning to my weekly charts I'm annoyed how slowly GLD is correcting. Again, too many speculators in the market are keeping it high and COT reports are showing large commercial short positions. Additionally, as was reviewed by Midas Touch and de Meadville, there is short term weakness in the market and but good long term strength, something I've been going on about for a few weeks. I still expect it to come down and touch somewhere around $122.00 before breaking out (illustrated by my forward looking blue "buy" arrow).

Jakob Richardson © 2014