If you thought the S&P futures were wild last night, you should have seen gold trading – it was even nuttier – at one point, down over $100 yet again. It has done a good job of recovering off of those lows today, but we could be seeing a very good entry in this commodity for the first time in months. I’m looking to get in at $154.00, and I had an order in for it at that price this morning, but came within $0.19 of getting my fill, before it decided to rocket back up. Such is my luck, I guess.
That doesn’t mean that it can’t come back down at some point, either today, or later this week. So I am going to be patient with it.
Below you’ll see my chart on the SPDR Gold Trust (GLD) ETF. I am playing my entry off of a long-term trend-line that is dating back to October of 2008 – a trend that began about three years ago, which today is at about $154. If it cannot hold that trend-line then I’ll be getting out at a break of the secondary trend-line shown below, which would put my stop-loss somewhere around $147.
I’ll be looking more into silver this afternoon and get my thoughts to you on it as well.
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