Wednesday, June 1, 2011

GLD Throwover??

Gold from a short perspective looks interesting both on a short and long term chart with similar patterns on the 30 minute and the weekly chart.

The 30 minute broke the rising wedge upper trendline and then crashed below it after retracing approximately 76.4% of the down move from 2nd of May to the 5th of May .

The weekly chart also has potential to look like a throw over if we have a couple of down weeks, that ultimately break the bottom trend line.
This might be the start of a major sell off in gold.
Intermediate Target on GLD 146.00

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