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GLD held up real good today and shows that gold is really responding to the safe haven flow. Gold is doing well regardless of what the dollar does. Today the dollar was down huge as euphoria swept the world regarding the salvation of the Euro, then recovered as the buzz wore off and people realized we are royally screwed when the solution to massive debt is to print more massive debt. Gold has been tracking higher on the back of a strengthening dollar, now holding its own in the face of a weakening dollar. The real money realizes the game is nearing the end and they want gold exposure!
GLD painted a blue bar on the Elder Impulse system today indicating exit from open positions. Price is above the 13 day EMA but the histogram has leveled off. If a short term option trade was on, I would exit. The weekly bar is still green, therefore I would hold any stock or longer term option play and see if the daily can get back to green. Just a small tick up in the histogram will paint the bar green again because price is well above the 13 day EMA.
On the daily, RSI has dropped back from over-bought territory. Support is coming in at 114.10, the 20 day MA and the breakout price zone. As can be seen from the weekly, resistance is the all time high of 119.54. Stochastic remains embedded, indicating increasing upside momentum.
Weekly: "
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