GLD Watch - 01/23/2009

Sigh. Well, as I said in my last GLD post, we did in fact retest 80... but we didn't get past it to test 70. It seems like we're breaking out of key resistance and above the 50 day moving average, when we should be declining. This seems bullish. To be honest, I thought we'd drop to 70 with an Obama stock rally. Instead, Gold rallied on "true safe haven" buying.


The daily chart seems to point to a near term breakout as well. Right now I feel like I missed the boat.


Next week is key. If we don't get a sharp decline, we're probably going to take off. However, I don't chase and I don't like mixed signals. I'm still going to wait for the next short term bottom. If it bottoms above 70, I'm buying. I keep telling myself to have some patience.