Gold ETF Chart Posing Threat (GLD)
SPDR Gold Shares (NYSE: GLD) is doing exactly what it is supposed to do, although not if you are a gold bug. The GLD is tracking gold as the great gold flush occurs under the 50-day moving average. The GLD is down over…
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SPDR Gold Shares (NYSE: GLD) is doing exactly what it is supposed to do, although not if you are a gold bug. The GLD is tracking gold as the great gold flush occurs under the 50-day moving average. The GLD is down over 2.5% at $163.36 today to its lowest level since October 25. The chart is becoming a worry for some investors as you can see in the stockcharts.com chart on the GLD. The only good news is that chart alerts often coincide with key reversals. Still, the rallied here just do not look like there is anything as bullish as there was in the past and that is even with the uncertainty of debt woes in Europe along with no deficit pact being reached by the “Supercommittee.” Gold is becoming a risk asset again rather than the asset for the flight to safety.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
