WHAT THE CHART SAYS ABOUT THE FUTURE DIRECTION OF GOLD $GLD $SLV
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Analyzing charts provides useful information for both long-term precious metal investors and short-term traders. It is important to look at the charts with a neutral frame of mind without any preconceived notions or opinions to avoid a bias in analysis.
The annotated day chart of GLD, which is a popular ETF and a good proxy for analyzing gold, shows that a triple bottom has formed on the chart.
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Back testing shows that triple bottoms tend to hold more often than not. The line connecting the three recent bottoms is a very strong support for gold. … Please click here or the title below to read more.
May 5, 2014