Tuesday, March 8, 2011

GLD H & S Neck line become point of resistence

If you go back to Nov where I called out a head and shoulders top you see the neck line drawn in red dotted line. It now has become a point of resistance as GLD has moved up. We tried to break new highs on the 1st of Mar. Next day needed to confirm touched the neckline and fell back below the new high trend line.Three days later or yesterday tried to break new highs touched the red dotted trend line and again fell back below the 139.67 resistance line. I think maybe we consolidate here to build some strength to break that new high so watch we don't fall back test the 20 average before moving forwards. I do not trade GLD because gold is very high risk do to political happenings around the world.

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