What The Popular Gold ETF Chart Tells Us About Gold Prices (GLD, IAU)
David Banister: Gold had remained in a rough 1550-1640 range for several weeks now. Tonight, we look at the SPDR Gold ETF (NYSEARCA:GLD), which represents the Gold spot price movements. Over the past 5 months we can see in the chart below the clear downtrend lines.
Recently, in the past 6 weeks we have seen a series of 3 higher lows including today where a lower gap filled in and then Gold reversed upwards.
What Gold needs to do, in terms of this GLD ETF is clear the 158 hurdle on a closing basis to set up a stage for a new advance. I would expect in the intervening months to October for Gold to continuing meandering and correcting to as low as 1445-1455, my longstanding Gold worst case low targets I’ve had since last September.
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Near term key levels are 150 on the downside and 158 on the upside. If we close below 150 on GLD ETF then we should be looking for my 1445-1455 areas to be hit this summer before a low. If we clear 158 on the GLD ETF, then the triple bottom at 1520 is likely confirmed and we can start tracking some upside for Gold.
Related: iShares Gold Trust (NYSEARCA:IAU).
Written By David Banister From The Market Trend Forecast
David Banister – We believe that markets move largely based on important swings in sentiment, crowd behavioral patterns, Fibonacci Re-tracements, Cycles, and other ephemeral catalysts. The headlines explain what just happened in the market, but they do not predict the next moves up or down in the indices, sectors, or commodities. As an investor, you need to be armed with tools in advance of major moves that are accurate, and TMTF will assist you in being prepared as an investor for volatile markets both on the upside and downside. We have a wealth of technical analysis experience to take advantage of the crowd behavior in the markets. Our Chief Strategist, David Banister, has been quoted and or written articles on CBS Marketwatch.com, 321gold.com, TheStreet.Com, SafeHaven.com, Kitco.com, Stockhouse.com, Theaureport.com, along with other well known investment sites. David has been a past guest on the national radio show “Money Matter$”. Chris Vermeulen of Thegoldandoilguy.com met David in 2008 as the financial crisis was unfolding. After numerous months of following the forecasts and trading abilities of Mr. Banister, Chris suggested that a joint venture be formed and we offer a trading service to a finite and select group of partners (subscribers). ActiveTradingPartners.Com was formed in July of 2009, and with the success of that service, we now launch The Market Trend Forecast in March of 2010.
Let’s take a look at how an online fraudster works. Dave Banister advertises that he’s found the secret to alchemy with his MRM unique system. He claims he’s up more than 160% this year – even while his 6 biggest and best CORE positions are actually down -55% since Dec 31st 2011. This outrageous claim shows how desperate he is and that he knows no bounds in his pursuit to defraud.
In the last few days he has bought AMRN at $13.25 and then MDGN at $12.18 yesterday.
Bearing in mind MRM stands for “Momentum Reversal”, first let’s just take a closer look at his AMRN trade. If you can get hold of a graph of this stock it’ll be helpful to show what a load of BS Dave and his MRM are: Just a few short months ago this company traded at 7$. In Jan this year it was close to $6. Dave waited until it got to an all-time high, after jumping 120% this year before climbing on the bandwagon…. So much for his unique MRM system…. Dave bought basically at the top, and in a few days has already lost -15% in a strong up-market.
MDGN is exactly the same thing. In the last few months the stock has surged 323%. Did Dave Banister and his MRM system buy BEFORE this huge move? No, of course not! He just looks for bandwagons, closes his eyes and opens his wallet to the inevitable disaster that his clients repeatedly suffer.
Forget all his hype and lies, this guy, sitting at his dinner table because he has no offices or employer, just chases with the dumb masses. That’s why he has lost so much for so many in so short a time!
Stay well clear of this chump.