Update: Gold Continues To Trade in a Narrowing Range

Getting  a few questions about gold here so here’s a quick update.

On a big down day in December (12/20), I posted this chart:

gld1220

And wrote:

Sure, $GLD is getting shellacked again here, losing 8% in 6 weeks & now the 200dma.

People are starting to whisper behind its back… Gold is the new $RIMM …

:)

Yet, within the larger context, gold’s just trading near the middle of the giant pennant of lower highs and higher lows that began forming after the blow off top in September of 2011.

Im looking for resolution of this pennant in 2013 but certainly not on this dipsy do…

This morning its getting hit again and here’s an updated chart, this time a weekly:

gldwkly

$GLD is trading at exactly the same price it was trading on December 20th. The big move will come above or below this narrowing range and we are getting a bit closer to resolution but for now its more sound and fury signifying very little…

 

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