Saturday, November 28. See the date of my last post? Yeh, it’s like an entire month ago, right? Well, guess what… after an entire month has gone by, we are right back to where we were one month ago… Technically speaking. What I mean is simply this:
Though the price of GLD is lower, and the nearer-term price support around the price of $175 and the time 9/23 thru 11/20 has been broken this week… and even its own 200-day moving average was violated yesterday… Unless this is the beginning of a true bear market kind of a move, the OEXpert 7 Stock Market Timer is saying this…
Price is below its 2 lower trading bands. Risk reads low. F1 is at 13 or 14 and under its lower trading band. Risk reads low. F2 is always early. It reads -10, and it says risk reads low. F3 IS meaningful, and it is at 5… It is saying that risk reads LOW. F4 is also meaningful, and it is at -10. That means risk is reading low. F5 looks to be at 47 or 48, and is close to giving us a low risk reading. F6 is at 2, and that is a truly low-risk reading as well.
GLD is probably scaring folks half to death with this near-term fall through support. But, it is clearly down under the $170 price level here… and is at that prior level of price support that commenced mid-April and extended through July 2.
It’s really time to see if it won’t reverse back to the upside right about now, as the technicals would give us reason to say the time for doing so is NOW!!!
Harold
Gold Stock Trader 