Watching for Gold to Slip Up

On the weekly time frame, gold has been experiencing a corrective rally within a larger downtrend -- or, at least, that's the way some analysts will look at the chart below. Let me walk you through an upcoming key level on the SPDR Gold Trust (GLD) -- one that could stall the rally that started late June.

GLD -- Weekly Source: Dynamic Trader View Chart » View in New Window »

I have illustrated three prior rallies on this chart, and they all brought the stock down by similar amounts. The first swing lasted $269.40, the second was $268.80 and the third was $271.40. Healthy declines followed each of these rallies. I have projected all three of these prior rally swings from the June lows, and they are a part of the Fibonacci price-cluster of resistance that's not too far above the current price....277 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.