No Love for Gold

There is no love for gold today. So if a central bank of any real size starts to sell, what will that mean for the shiny yellow metal? Will it show that demand for the alternative currency is gone? China is obviously the big concern there, but really, Europe should be the concern. If Cyprus sets the way, then it could get ugly. I believe Cyprus is a one-off in terms of its influence on gold today as that news has weighed more on the price than the Goldman Sachs sell call. For now, I am going to stay with the technicals. I alluded to the risk-reward on gold earlier, but the longer-term charts paint a little clearer picture than words as the short-term charts feel a bit noisy.

SPDR Gold Trust (GLD) -- Weekly Source: StockCharts.com View Chart » View in New Window »

Both from a weekly perspective and a monthly view, the SPDR Gold Trust (GLD) needs to find support at or above the mid $149 area. The weekly chart currently sits in a descending triangle that is very close to losing support. A breakdown from this triangle puts $132.50 in play as a target....203 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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