KirkLindstrom.com - Articles - 2014 - Gold and GLD Resistance and Support Levels   ETF: GLD
Kirk Windsurfing at Palo Alto in SF Bay in May 2009  Gold and GLD Resistance & Support
  Resistance & Support Levels for the price of gold and GLD.
Kirk Windsurfing at Coyote Point November 2009
Kirk Windsurfing at Coyote Point November 2009
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 Quotes and Charts for Gold & GLD (the ETF for Gold)
 
March 28, 2014:  Resistance and Support Levels for the price of gold and its ETF GLD.   Gold may have bottomed right at the dashed green support line I showed in an article last year.  There are three Key charts to watch:
  1. Gold and GLD prices from 2007 to Today:  Gold's ETF GLD turned from a downtrend to an uptrend when it broke above the dashed-green resistance turned support line.  It is currently testing this line from above.  A buy here with a stop below the line is how I would play this.
  2. Gold and GLD prices from 2000 to Today:  This chart shows Gold tested a 2013 low right at the rising dashed green support line just below $1200.  This tested "double bottom" signaled a reversal.
    • GLD just made a bullish "golden cross" and it is currently just below both its 50 and 200 day moving averages, a great time to buy compared to when it is making new highs.
    • My "fat pitch" is the dashed orange support line on chart 2
  3. The PNF (Point and Figure) chart shows a "double top breakout on Tuesday, January 21, 2014 with a "bullish price objective" revised to $1440.  (It was $1410 on my Jan. 23, 2014 update.)

I don't own gold (other than a small amount in physical form for "Armageddon Insurance") and warned of a possible top way back on August 25, 2011 with this post showing Gold at the top of the channel at $1,856. 

Currently, I'm watching the resistance line on Chart 1 and may buy for a trade and a tight stop at any time.  Chart 2 shows that if the current support breaks, then the next major support levels are mid $1200s at the dashed green line then $1100s for the dashed orange line.
Chart 1
 Resistance & Support Levels for the price of gold and GLD 


Chart 2
Resistance & Support Levels for the price of gold and GLD
Chart 3
Daily point and figure (P&F) pattern for a "Traditional, 3 box reversal chart: 

Point and Figure chart for Gold Price
Quotes and Charts for Gold & GLD (the ETF for Gold)

DOW to Gold Ratio

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