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Gold’s Giveback may be a set-up (for better rally)

GLD / Gold was down -$2.51 to $110.46 / 10.4 = $1,149 … updateGLD-10d_zps16a0cb03.gif

The possibility of that recent drop to Gold-$1130 being THE low has not (yet) been invalidated.

But neither has the low been confirmed.

Sometimes, after a big short-covering rally, there will be a big pullback. but it will hold above the low.


Gold has pulled back to a congestion level ABOVE the low of $1,132 of Nov. 7th


This chart identifies the congestion at $1138 – 1147