$GLD - 30 min look at the slide in gold prices
Gold continues to struggle. Those that bought the last almost parabolic run seem to be exiting or getting stopped out. We pointed out the gold hasn’t reached its 50 dma which comes in at about 1100. That’s an important level. If it cannot hold, be prepared for more slide down close to the three price objectives on the chart above (the orange highlighting 103~105 level).
This doesn’t change our opinion that gold remains in an impulse wave, this is just a strong correction to work off some major excesses on the shorter term charts. Any such further slide would probably last for most of December. Nonetheless, after gold’s approximate 20 month correction, we seriously doubt gold will burn out so quickly after only a few months’ rally.
