$GLD GOLD 08 Nov 2010

I am looking at GOLD chart this morning, I got the feeling it might be the time to see some corrections soon. It is now trading around the top of the recent channel, and there are confluences of Fib extensions and harmonic patterns. I have two potential zones defined on my chart. Let's see how it works out.

Setup

Here is the CHART to confuse you.

Define your level, and trade the level.

Trade well.

Update 13 Nov 2010

Here is the updated GOLD chart.  We have a pretty nice pull back of GOLD (not without some initial shaking though)