Exposing Ideas to the Envelope of Serendipity

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Tuesday, February 16, 2010

Golden Opportunity?

Gold started to stabilize last week as it turned up off well-established support following a sharp correction. Resistance lies first at the descending trendline shown in the GLD chart, and next at the 50-day SMA @ $109.14 (not shown). Judging by overnight futures action, a gap above these levels has the potential to jump-start a new move higher. Stay tuned.
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