Gold Member
Thursday, November 19, 2009 at 6:22PM Gold has enjoyed a nice run up lately, as the dollar has been beaten like a red headed step child added to that was the fear trade, sprinkle a little speculation and you have a bull market in gold.
But as much as gold has run up lately, it may be ready for a pullback.
Here is a chart of gold, it broke out of triangle in May and never looked back. If you are a technician the measured move of that triangle is around 113-114. Gold is at 112 right now, hitting a high of 113. Another potential bearish item on the GLD chart is island top that has formed. If Gold pulls back look a for a move to the gap at 102.
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