GLD – Gold Exchange Traded Fund – 60 Minute Chart
Sunday 3 January 2010 at 10:24 pm
Gold is in a strong bull market but the short term charts have provided over 13 short trades in the past 2 weeks for futures traders playing the bounces to resistance levels. The triangle on the 60 minute chart with declining volume is a continuation pattern of the short term trend which is down.
Because gold is trading near a support level on the daily chart, I am waiting patiently for a perfect setup to go short, or long depending on what happens in the coming hours. I predict lower prices with $102 area for the next support level.
Let’s continue to focus on these short term charts to take advantage of any low risk setups which come our way.
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Chris Vermeulen
Well, not so good there on your analysis. A triangular trading pattern almost never bears out to which side the breakout will occur. I was watching Gold, which had the same continuation pattern, last night when it did finally break out to the upside. Nice try though.