Monday, March 7, 2011

GLD Possible Head Fake (possible short trade)

This is the 2nd time GLD has done this in a week.
Two probable false breakouts....

Here's today's on a 1 min chart-negative right off the open...

On a 5 min chart, today's looks even worse then 3/1-3/2 breakout with a lower 3C reading suggesting this is another false breakout. The possible short trade would be triggered at a move below $139.35 with a stop just above resistance near $139.60. If this is a false break, then GLD should slip pretty fast down toward support around $135 and ultimately below $130

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