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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 382.95-0.8%4:00 PM EST
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To: TobagoJack who wrote (80119)9/22/2011 10:05:37 PM
From: 2MAR$  Read Replies (2) of 217749
 
Weekly chart shows $gold still well within its uptrend (off the rising 20ma) even with a pullback to $1700 , and these pullbacks have all been at pretty regular intervals which is why that topping action @$1900 looked pretty reliable as a short matching previous periods .

What was also in the background hearing Merkel (or some of her allies) already mention the German reluctance to carry the piigs & challenging Italy to sell off reserves & buy back debt in late aug, so that risk was always on the table of dilluting the trade and apparently this is happening in some measure by the ECB now .

You've seen me stalking Silver for the short enough times here even when the trade was not very fashionable as things pumped up ...but it was only when Gold hit $1900 that 2nd top put in really became a draw finally as a short ...but silver as you said is the little ugly red sister & better bang for the buck. Shorting Ag or the GLD was the way to profit obviously at least from $1900 . (GLD round $182 )

Now wait to see whether here just above $1730 support holds or that $1710 level gets tested , have to assume they have been selling since up at $1900 and still trading well above the trendline so far this has been just a minor correction . Truely it could (and still may) have fallen much farther , but hasn't .

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