Gold update

Gold continued today to test toward its channel line. Looking at the daily chart, and using the exchange-traded fund GLD, you can see that it can still push down to its 50 day moving average and be within the uptrend channel. Note also, in GLD, the 50% retrace from the recent high back to 78.87 is at 88.93 so that can be a support level.


But let's not be heroes. If it falls under the channel line, then something else is going on!