Abet Chichi2

[chichi2]

Gold ETF GLD analysis by Chi2 Jan 15,2011

Gold ETF GLD is in much worse shape than Silver ETF SLV.

GLD Price in early January broke into the Cloud.
The Cloud upper boundary was acting as resistance until Thursday
when Price broke down. Then Friday GLD broke down further,
Only to save its Trend by a minor Bounce
off the near Support of Lower Boundary of the Cloud.

Right now, Chi2 would expect GLD to Test Support in 130/129 area.


Three (3) Sell signals have been given.
Ichimoku Bearish Signals:
1•Price Moved below Base Line (momentum)
2•Conversion Line moved below Base Line (momentum)
These two signals say momentum is downward.

The third Sell signal is Our Normal TA
3•Price Moves below 50dma
This happened in early January and has been confirmed.

As of Friday Jan14 Close:
Price = 132.69
Conversion Line = 134.25
Base Line = 135.61
20dma = 135.29
50dma = 135.06
Cloud Bottomside = 134.13
BB Low = 132.14
Jan14 Low Price = 132.22

TA ICHIMOKU EDUCATION
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:ichimoku_cloud

Chichi2 added one of his Startrek "Force" Poles
GLD must not break below this Pole
if it is remain in a Positive Trend.
He suggests this Force may hold,
but at this time, unless some event is a catalyst
to change the present tide, GLD WILL TEST 130/129.

Chi2 thinks Gold acts as a currency. Its actions thus
would be effected by Economic and Monetary things.
Silver tends to be effected by Gold, but Silver is a commodity.

Remember you trade at your own Responsiblity,Risk,
and At Your OWN Decision.

chichi2 is not an analyst nor stock advisor.