February 10, 2013

GLD Weekend update

  • GLD Daily chart shows a contracting triangle pattern which is closer to a breakout.
  • Triangle breakout should takeout the weekly support or resistance levels which are 100 Week SMA and 20 Week SMA on closing basis for a bigger direction to happen.
  • Weekly Fib levels also shows price ranging between the crucial 38.2% and Golden ratio which must be resolved for a major change in direction to happen

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