Chris Vermeulen just posted a trading video detailing what to look for this week in gold, silver, gold stocks, oil and the major indexes.
Below is chart for GLD that I have frequently updated. The weekly chart shows a long-term price channel which began in 2008. Key fibonacci price levels are also shown in blue.
You will see below that we touched the bottom of the price channel last week and also came within $.56 of the 23.6% retracement level. This price channel has been a decent indicator the past three years as to when GLD has become over or under extended. When it has broken the top of the channel, sharp pullbacks followed. Approaches at the bottom of the channel have been followed by price rebounds.
There is no way to know how long this price channel pattern will continue (nothing lasts forever), so proper risk management is always the first priority:
No position in GLD