Bernie Schaeffer
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SPDR Gold Trust Stares Down a Technical Sticking Point

Posted By: Bernie Schaeffer 06/08/2012

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GLD Trades Near a Trio of Key Chart Levels
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Trader Comments

Todd Salamone:

If a rally occurs from current levels, watch the $161 area for potential resistance, site of GLD's declining 140-day moving average.  This unpopular moving average contained seven pullbacks during the rally from the '09 lows,and GLD finally broke below it in December '11.  It acted as resistance in late March.

Tony Venosa:

In addition, the $150 level also coincides with the 61.8 percent retracement level of the 2011 trough-to-peak move.

Joe Bell:

On a longer-term basis, a worsening of Europe or Greek exit could hurt the Euro and the potential of QE3 may hurt the value of the dollar.  With selling pressure on the Euro and the U.S. Dollar, there is the potential for a flight to gold.

Beth Gaston:

Bernie's latest post from this morning (6/18) looks at the GLD's relationship to its 320-day trendline.  It's not pretty.  

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