What Is Wrong With Gold?
The price of gold via GLD has been falling since April. After hitting a peak of $129.47, the price closed yesterday at $117.46.
There have been two up and two downs moves of magnitude in the last year. Currently, we are in the latest down move. Additionally, there have been many smaller moves.
Yesterday the price of GLD closed within $0.06 of its December low at $117.40. Effectively this means we have had a 100% retracement of the December low to April high.
Once the Heikin Ashi candlesticks turn green, then we will know it is time to buy especially if the U.S. Dollar can begin to fall as well.
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