Smart Scan Chart Analysis of Gold ETF - GLD

Our Smart Scan Chart Analysis of GLD indicates a counter trend rally is underway with a sidelines, mode up signal It also indicates that the current down trend could be changing and moving into a trading range Sidelines Mode.

Based on a pre-defined weighted trend formula for chart analysis, GLD scored -55 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

-10....Last Hour Close Below 5 hour Moving Average
+15....New 3 Day High on Tuesday
-20....Last Price Below 20 Day Moving Average
-25....New 3 Week Low, Week Ending January 30th
+30....New 3 Month High in December
-55....Total Score

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Gold Moves Higher, Bulls Appear to Have The Near Term Advantage

Gold traded slightly higher overnight as it extends Tuesday's rally above the 20 day moving average crossing at 1116.50. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Multiple closes above the 20 day moving average crossing at 1116.50 are needed to confirm that a short term low has been posted. If February renews this year's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target.

Wednesday's pivot point is 1112.47

First resistance is the overnight high crossing at 1124.90
Second resistance is January's high crossing at 1163.00

First support is the 10 day moving average crossing at 1097.70
Second support is last Thursday's low crossing at 1073.20

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Gold Daily Technical Outlook For Wednesday Morning

Gold's strong rebound from 1074.4 extends further to as high as 1126.4 so far and at this point, further rise could still be seen towards 38.2% retracement of 1227.5 to 1074.4 at 1132.9. Nevertheless, upside is expected to be limited below 1163 resistance and bring fall resumption. Below 1100.5 minor support will flip intraday bias back to the downside for retesting 1074.4 low first. However, note that firm break of 1132.9 fibo resistance will argue fall from 1163 is already completed and will turn focus back to this resistance.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010

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Why $15,000 Gold is Possible

Mike Maloney, Author of Guide to Investing in Gold and Silver, reveals why he thinks gold price could skyrocket to $15,000 in 5 years.



The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010

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The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010

Special Video Report From MarketClub.com

Before you make another move in gold, watch this video!

There are going to be some extraordinary opportunities in the gold market, but only if you know what the "super cycle" in gold is doing. As we have seen lately, gold can go up and it can come down just as quickly. The key to success is knowing when the market is in a trough of a trading cycle.

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New Video: Gold Could Hit Highs Again

The price of gold could push back up to all-time highs, Nicole Elliott from Mizuho Corporate Bank told CNBC Tuesday. Elliott also takes a technical look at short sterling interest rate futures.




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Gold Moves Higher, Here's Your Numbers For Tuesday

February gold was higher overnight as it extends Monday's rally above the 10 day moving average crossing at 1096.80. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 1116.30 would confirm that a short term low has been posted. If February renews this year's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target.

Gold's pivot point for Tuesday is 1097.00

First resistance is the 20 day moving average crossing at 1116.30
Second resistance is January's high crossing at 1163.00

First support is last Thursday's low crossing at 1073.20
Second support is the 38% retracement level of the 2008-2009-rally crossing at 1032.60

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Gold Daily Technical Outlook For Tuesday

Gold's strong rebound and break of 1105.1 resistance indicates that a short term bottom is formed with bullish convergence condition in 4 hours MACD. Stronger recovery could now be seen to 38.2% retracement of 1227.5 to 1074.4 at 1132.9. Neverhteless, upside is expected to be limited below 1163 resistance and bring fall resumption. Below 1074.4 will target 100% projection of 1227.5 to 1075.2 from 1163 at 1010.7 next.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

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George Gero: A Weary Gold Market

George Gero, vice president of global futures at RBC Capital Markets, argues that gold's Monday rally could be short lived and that the market is acting tired.



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Gold Continues The January Slide

February gold was slightly lower overnight as it continues to extend the decline off January's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If February extends this year's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target. Closes above the 20 day moving average crossing at 1115.40 would temper the near term bearish outlook.

Gold pivot point for Monday is 1083.40

First resistance is the 10 day moving average crossing at 1097.10
Second resistance is the 20 day moving average crossing at 1115.40

First support is last Thursday's low crossing at 1073.20
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1032.60

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