Lovely bullish action

In a recent Zignals blog article I talked about the trouble with gold; gold took a technical hit yesterday; breaking a sideways congestion and its 50-day MA:

Note the two distribution days in the GLD ETF (another tick in the negative column).
The VIX created it's second spike top. Now it needs to run to (and below) its neckline as I suggested yesterday:

There's a good 'feel' for a bottom here. Howard Lindzon has a more proactive approach based on the views of the dishevelled one.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website



























1 Comments:
Good charts. I would note that you should probably watch $GOLD instead of GLD, as GLD is mostly "paper gold" which could implode within the coming months.
Not everyone knows the best ways to own gold. It’s not safe to own too much under the mattress, so I wrote this article that gives you some options:
http://www.mikeroberto.com/2008/09/29/how-to-buy-and-own-gold-the-laymans-guide-to-escaping-the-dollar/
Please add any thoughts or comments.
Berto
PS - I have a personal feeling that it will dip a bit when it gets sold off as people/funds dig for cash, and think low $700s will be the next entry point. But who knows, I’ve been wrong before!
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