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Waiting To Grab Some Bling-Bling in GLD

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September 26, 2011 – Comments (0) | RELATED TICKERS: GLD

If you thought the S&P futures were wild last night, you should have seen gold trading - it was even nuttier - at one point, down over $100 yet again. It has done a good job of recovering off of those lows today, but we could be seeing a very good entry in this commodity for the first time in months. I'm looking to get in at $154.00, and I had an order in for it at that price this morning, but came within $0.19 of getting my fill, before it decided to rocket back up. Such is my luck, I guess. 

That doesn't mean that it can't come back down at some point, either today, or later this week. So I am going to be patient with it.

Below you'll see my chart on the SPDR Gold Trust (GLD) ETF. I am playing my entry off of a long-term trend-line that is dating back to October of 2008 - a trend that began about three years ago, which today is at about $154. If it cannot hold that trend-line then I'll be getting out at a break of the secondary trend-line shown below, which would put my stop-loss somewhere around $147. 

I'll be looking more into silver this afternoon and get my thoughts to you on it as well. 

Here's the chart analysis on GLD

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