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waveslider

GOLD - GLD coiling

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6 months GLD has been coiling sideways near weekly highs.

 

Notice how the 50% levels line up from 2 sets of peaks/troughs.

 

The spike down through the lower line last thursday was a good violent move if you look at the intra-day. It could have scared the weak hands enough to send this to new highs.

 

The way GLD has consolidated near highs on the weekly chart seems bullish. However I think there could be made a case for an "adam and eve" style top looking at the weekly.

 

Any opinions?

5aa70df5ae753_GLDcoil.thumb.jpg.521bdcbbab61c7b56e62ff50ef87ac8e.jpg

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I tried a long entry on Gold this week and it just refused to move either direction while EC took off ( though EC rolled over later). The inability of Gold to rally when the dollar was weak might be indicating underlying weakness. But for me, I am just avoiding this 'deadness' until it shows some signs of movement.

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If you draw a relative strength line vs. the S&P gold is certainly outperforming just about everything in the market except bonds since the down move earlier this month.

The violent sell offs just can't hold, so far...

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Can you please tell me where I can find daily price information on the GOLD?

For example, i would love to see a place that has O,H, L, C, Daily Fibs, Daily & Weekly Pivots, and any other commentary such as Market Profile.

 

thx in advance everyone!

 

Joe

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