Tuesday, March 12, 2013

Rally in GLD - update 312

The day started, at least the morning, as expected. As soon as the clock stuck 10:30EST, GLD started dropping! Haven't looked at the news to try and correlate events with the drop in GLD but I am sure MSM will come up with something.

GLD found support and pretty much stayed above the support all day. With today's action, there is an unfilled gap leading to possibilities of island reversal if the futures were to drop overnight which would be very bad for GLD bugs. I do believe we seem to be in a sort of 4th wave which should resolve to the upside tomorrow.

Right now, gold futures seem to be finding support at the red line. I am hoping the support holds overnight. I have seen this pattern before and usually it is bullish (gap up and go). Let's see how it goes tonight!

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