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Gold: Bullish (Again!)
By: Guy Lerner | Friday, June 29, 2012
It is the same play. Rather it is the only play in the central banker playbook!
When things look dire, turn on the printing presses.
Over the past couple of weeks, the technicals for the SPDR Gold Trust (symbol:
GLD) appeared to be breaking down. The fundamental
picture has always been positive, but the lack of concordance between fundamentals
and technicals was reason to be cautious. As I stated in last
week's Chart Book: "for now price trumps fundamentals until there is a
close over 153.57". See figure 1, a weekly chart of the GLD.
Disclaimer: Guy M. Lerner is the editor and founder
of The Technical Take blog. His commentary on the financial markets
is based upon information thought to be reliable and is not meant as investment
advice. Under no circumstances does the information in his columns represent
a recommendation to buy or sell stocks. Lerner may on occasion hold positions
in the securities mentioned in his columns and on the Web site; in all instances,
all positions are fully disclosed at http://thetechnicaltakedotcom.blogspot.com/.
However, their positions may change at anytime. For more information on any
of the above, please review The Technical Take's full Terms of Use and Privacy
Policy (link below). While Lerner cannot provide investment advice or recommendations,
he invites you to send your comments to: guy@thetechnicaltake.com.
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