Friday, April 06, 2007

GLD Elliott Wave Count

The street TRACKS Gold Shares (NYSE: GLD) is the largest Gold ETF in the world, This fund currently holds 494.56 tonnes of gold (15,900,551 oz) which worth about 10,708,379,381 $.

Closely tracking the spot price of gold (less fees) the GLD is up trending since October 2006, while significant pullbacks took place along the way the line connecting the October low and January low remains a buying zone.

From an Elliott wave perspective, the count annotated on the chart implies that any pullback to not lower then ~63$ still maintains the bullish outlook.

Technical Indicators: RSI trending up above 50, PPO bullish crossover, trending up above the zero line.

gld daily chart

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