Monday, November 1, 2010

GLD Nov 1st

GLD Nov 1st, 2010
Here is a 3 month chart of the SPDR Gold Trust, GLD.  It started to pull back in the 3rd week of October after a rally that started in August. But, it did not pull back as deep as some have suggested.  It dropped to the fibonacci retracement level of 23.6 which was about the $129.5 area. Is that the end of the pull back and we are up from here? I'm not sure of that, but GLD is starting to creep back up and is not too far away from the all time high.

With the FOMC meeting this coming Wed and the mid term elections on Tuesday, we should see some reaction from the precious metals markets, positive or negative.  I'm leaning towards the positive side as Quantitative Easing is never good for Fiat currency.  We shall see soon.

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