Slip to the dark side you cross that line
--John Cafferty and the Beaver Brown Band
Gold is getting oversold on both daily and weekly horizons. The weekly chart shows GLD on support at about 160. If it breaks thru, 150 is the next support level.
Not a bad place for some adds, it seems to me. Not only due to the technicals, but also given the macro picture as even more money printing seems likely as part of the 'fiscal cliff' charade.
Should we break to 150 GLD, will likely look at more adds.
position in gold
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"Central banks around the world are printing money, supporting their economies and increasing exports. America is the prime example," said Mr. Abe, referring to the Federal Reserve's policy of flooding the market with dollars by purchasing massive amounts of Treasury bonds and other assets.
"If it goes on like this, the yen will inevitably strengthen. It's vital to resist this," said Mr. Abe, who will become prime minister on Wednesday.
~Pater Tenebrarum
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