Monthly chart on gold. BEWARE - Gold got suckered into in March of 2008. Here is a timeline:
GLD - started Nov 2004 at $44.43
Broke out 09/2005 and topped out at $77.26 in May 2006
Consolidated until Sept 2007 with new 52 week high of 73.8.
Continued consolidating upwards until it topped out at 100.44 in March 2008 (Bear Sterns sold to JPM for $2/sh)
Consolidated until failed breakout rally in July 2008 before it dropped to $66 in Oct 2008 (when rest of banks collapsed)
Rally then started a couple months later in December 2008 with 2-1-2 bullish reversal on monthly chart.
Reversal continued until Sept 2011 when it topped out at $185.85.
It bottomed in Dec 2015 at $100.23.
5 worst words of investing "this time it is different"
What this is and always will be, is opportunity. Better than oil and other commodities look for sure. I am jumping on this train.
This will be volatile, and I do not expect to buy all at once.
My buy targets (not exact and I buy to the penny so do not use this) and stop is
1st buy - (Now) - around $180.
2nd $175
3rd $171
4th $161 - load up
$158 stop
If done properly, the most risk I have is around 7.65% to the downside with $205, $235, $250, and $300 as my long term price targets. $250 is the ultimate goal.
This is for informational purposes only. This is not advice for anyone to use to buy or sell. These are my numbers and I did not provide all details. Just enough to sincerely help anyone who needs it.
GLD - started Nov 2004 at $44.43
Broke out 09/2005 and topped out at $77.26 in May 2006
Consolidated until Sept 2007 with new 52 week high of 73.8.
Continued consolidating upwards until it topped out at 100.44 in March 2008 (Bear Sterns sold to JPM for $2/sh)
Consolidated until failed breakout rally in July 2008 before it dropped to $66 in Oct 2008 (when rest of banks collapsed)
Rally then started a couple months later in December 2008 with 2-1-2 bullish reversal on monthly chart.
Reversal continued until Sept 2011 when it topped out at $185.85.
It bottomed in Dec 2015 at $100.23.
5 worst words of investing "this time it is different"
What this is and always will be, is opportunity. Better than oil and other commodities look for sure. I am jumping on this train.
This will be volatile, and I do not expect to buy all at once.
My buy targets (not exact and I buy to the penny so do not use this) and stop is
1st buy - (Now) - around $180.
2nd $175
3rd $171
4th $161 - load up
$158 stop
If done properly, the most risk I have is around 7.65% to the downside with $205, $235, $250, and $300 as my long term price targets. $250 is the ultimate goal.
This is for informational purposes only. This is not advice for anyone to use to buy or sell. These are my numbers and I did not provide all details. Just enough to sincerely help anyone who needs it.