GLD @ $106

GOLD hit a peak  $1227 on Wednesday 2nd December. The price of GOLD has fallen 12.5%  to $1073 today. I use GLD  ETFs to trade GOLD. GLD peak was $119.54. If GLD holds above $104, then I will look to enter a Long order, otherwise, I will wait for $100 and Long entry criteria being met. Last time we had a similar down turn was the 15 day fall from Tuesday 2nd June $96.97 to Tuesday 23rd June $89.95 and retest 12 days later on Thursday 8th July $88.82. Similar time frames would imply a low on Wednesday 23 December at support $105 and retest on Tuesday 12th January 2010.

GLD $106
Short $115, Stop $111, Target $100
Buy $100, Stop $95 Target $130.

Long Entry Criteria
1. MACD Bull Cross - FAIL
2. Stoc > 50 - FAIL
3. 5ema ($107.85) > 10ema($109.23) - FAIL

WEEKLY CHART

I use the WEEKLY 5ema ($109) and 10ema ($108) to indicate when to enter and exit a trade. 20ema ($104) should act as support on any short term breaks below 10ema.
5ema < 10ema, SELL ($90) triggered in April 2008.
5ema > 10ema, BUY ($77) triggered in Dec 2008