$GLD 8-yr Chart, Jim Rogers Expects Gold Consolidation to Continue

Business Insider interviewed Jim Rogers yesterday, watch the video below. Since futures speculators are very long gold at the moment, he believes that the price of gold "will continue to correct." Here are links to gold and silver COT (commitment-of-traders) charts via cotpricecharts.com. COT reports released by the CFTC measure the net amount of futures contracts (longs + shorts) held by large and small speculators and commercial hedgers (banks). Oh, and Jim Rogers remains bullish on agricultural commodities.

If you look a the 8-year chart of $GLD, $150 is a critical support level to hold in the sideways channel. If $GLD cracks through $150, it could test the uptrend line from the 2008 low and 50 month moving average, which is around $130 today.

Source: Business Insider
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