After Feeling Heavy, Gold (GLD) Takes the Plunge

Last night on the “Off the Charts” newsletter, it was stated that SPDR Gold Trust (GLD) was looking like it was setting up for an interesting trade to the downside as it hovered by the accelerated downtrend. This morning, GLD gapped down and opened at $174.61, below yesterday’s low of $176.05. The break of the accelerated uptrend was targeted at $175/$174.50.

GLD is trading below the break of the uptrend line and is currently down about 2%. Support 1 in GLD is $171 and Support 2 is at the 50-day moving average of $167. Continue to stick with the trade, and the sell-off in GLD should breed more confidence in the equity market.

(click to enlarge)

Disclosure: No relevant position

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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