Two Potential Outcomes For GLD, Look at Spot Gold Move Earlier Today

Like I said on June 23 ($GLD at Very Important Support Level (Dec 2009 High/2010 Uptrend), GLD is testing ascending channel support and the December 2009 peak (now floor).  Two potential outcomes:

a) If GLD takes out $122.6 it could rally to $130
b) Below $119.5 could see a breakdown
c) none of this happens, trades sideways

Just saying, probably a decent place to hedge.  By the way look at the spot gold move earlier today (second chart: XAU/USD).  Thoughts?

$GLD (SPDR Gold Trust) - FreeStockCharts.com

Spot Gold (XAU/USD) - INO.com

Comments

  1. Well, every stock can go a) up b) down c) sideways.
    GLD is not different.

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  2. GVZ is rising, +5.5% today, +15% since June 16 w/ GLD dead, so we can maybe factor c) sideways out of the equation.

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  3. Update on GLD today http://www.distressedvolatility.com/2010/06/gld-decoupled-from-spy-jjc-joined-safe.html

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