PPR - GLD... a maybe

Published : June 1 2012 at 13:36 ET

We mentioned in prior reports that some may wish to accumulate gold as GLD tests the lower part of its base around 148. Today's action is no guarantee that gold won't continue to base for a few more months. It depends on a variety of factors, particularly the speed of money printing, ie, quantitative easing. So even with enough volume to qualify GLD for a pocket pivot, and even should it close at or above its 50-day moving average, one could elect to buy here if one has a long term view on gold, understanding that it may continue to base for a few more months. Of course, GLD has a tendency to give a very clear green light when it is done basing, at which point, we will send a report on its actionability.

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