Thursday, December 16, 2010

Important day for Gold

Yesterday, I had pointed out that the seven days with the highest volume in GLD since October were all down days. Well, make that eight dear readers. But encouragingly for the bulls, a relatively strong performance at the end of the trading day made gold finish right above the MA(50). Will the MA(50) hold tomorrow? Can we expect a short term bounce? That's what makes tomorrow such an important day for gold in my opinion. If MA(50) does break, expect support around the 130 level.

Take care and good luck!

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