GLD - October 2, 2012

GLD has been showing good technical strength so far


The weekly TopFinder (Red graph on the chart below) looked like it had expired and indeed it stopped rising for the week

Looking at a daily frame, we see how the daily TopFinder (red graph) ran close to full capacity and how GLD, dutifully, took a fast drop but only to bounce as fast to close last week in a tight range near the top of its current upswing

I have launched a new support curve and a new TopFinder curve from the recent swing point of a few days ago. They are on top of each other at this time -- too soon to diverge for the TopFinder which is only at 5 percent





170 area is nearby support


Better and far more important support is around 157-160 area

The common sense of the common man of the common stream of the common  punditry seems to be that Fed and ECB are gonna print and print and print ad infinitum. I neither have any special insight into Fed or ECB operation, nor have any knowledge of the future

To me, if GLD is gonna do a vertical, to should stay above 170 area. More importantly, to maintain its broader uptrend, it should stay above 157-160


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