Saturday, March 5, 2011

GLD Trying to Break to New Highs

 Well my last call for the GLD was it had a good chance of going to 139 after the bull flag won out. Well we hit that and tried to break out to new highs. But don't get fooled we never confirm the break out. The top red trend line was the last high, on the 1st of Mar. we broke that line (New High) but next day didn't confirm. Number one rule let it confirm before taking the trade. To confirm you have to close higher then the day that you broke the trend or in this case new high. Fri we tried to break the red trend line a second time but pulled back again by the end of day. So I am neutral until we can get confirmation or get some pattern to see where the GLD is going.

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