GLD Short

I was looking at how GLD may be stalling at the 50-day. I checked the Overbought short sale set up using the breakout calculator and got this result:

[ATTACH=CONFIG]27149[/ATTACH]

We are currently near the entry price. 8 out of 17 times hitting a stop is not ideal but if the 50-day doesn't show stiff resistance there isn't a need to allow the price to go all the way beyond the upper envelope. A position could be cut if the 50-day is breached.

[ATTACH=CONFIG]27150[/ATTACH]

Very good call Mike!

Gold is down since you posted this alert.
This is of course related to the USD and the oil price sitruation, but the gold reaction might be a bad sign for gold miners and all commodities miners in general.

I myself shorted XME Wednesday.


Pascal