Kimble Charting Solutions Blog

Gold ETF channel breakout at hand…

Posted by Chris Kimble on 07/13/2011 at 7:30 am; This entry is filed under gold.

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A quiz was posted on 5/2, suggesting to "HARVEST Gold/GLD" at the top of its trend channel. (see INVERTED/UPSIDE DOWN GLD Quiz chart here).  The suggestion to harvest happened to be at the highs, due to channel resistance. 

GLD has been a pretty good "Trade the Range" ETF for the past few years, inside a large rising channel.  GLD has been confined inside of a channel with a 5% spread from high to low, since the suggestion to harvest.  This narrow of a channel has had little interest to me, ever since suggesting to "harvest Gold" at the top of the channel.

Now a breakout of this narrow range is taking place and GLD has some overhead room to move higher before hitting channel resistance.

Game Plan...Would be an owner of GLD with a stop should just below channel support around $150.

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One Comments

1. Dylan July 13th, 2011 at 9:23 am

   How is Silver looking to you Chris?

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