GLD Gold Trust ETF Bearish Flag Chart Pattern – Patiently Wait For A Better Entry

by Olivier on February 15, 2011

More bearish flag patterns within the precious metals sector. I wrote about the bearish flag set-up in AUMN – Golden Minerals, now GLD – Gold ETF is also clearly displaying a potential bearish flag indicating price may have to move lower first before new highs can be printed. I am not being outright bearish here as SLV – Silver ETF looks much better and from a purely technical perspective is much stronger. SLV is now forming an ascending triangle, a very bullish formation.

Whenever you get mixed signals, in other words, when the technical picture is unclear, it is best to stay aside until the dust settles and the charts offer clear entry signals. Remember: “Standing aside IS a position.”

GLD Gold ETF SPDR NYSE Bearish Flag Pattern Technical Analysis Price Chart

Up-to-date GLD – Gold ETF chart on my public list.

The GLD chart is raising a red flag. Trading is a game of patience. Those who can patiently wait for clear technical signals and sound entries get rewarded. Then you simply repeat the process over and over. Avoid greed at all cost.

There are definitely times when you don’t want to get in front of a bullish freight train or catch a falling knife. If one doesn’t get you the other one will. The crowd is right during the trends, but wrong at both ends. – Bernie Schaeffer

My public list with all my charts can be viewed here:

Buenas noches!

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