Technical patterns

I showed this chart several days ago (click on the chart to enlarge it).

The point was that GLD (GLD is the ETF for gold) was hitting against $122, and important resistance level. GLD could not rise above this level.

Why? One reason could be the strength of the stock market. On the other hand GLD could be trying again to rise above $122.

It looks like $122 is an important level and it pays watching it carefully.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest

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