Home > Financial Ponzi, investing, stock charts, Stock Market, technical analysis > Gold nearing top of its range?

Gold nearing top of its range?

Gold (GLD as a proxy ETF) has been in a steady upward channel for over 3 years now, but this month’s surge in gold has pushed GLD to the top of its rising channel.

Chris Kimble, one my favorite technical analysts, has also noted that gold is getting very close to a 161% Fibonacci extension, which may provide resistance.

I should note that I remain strongly bullish on gold in the longer term, and it seems to be more likely that we get a sideways consolidation than a sell-off.  Also, gold continues to behave very well in down markets, and as long as that remains the case, I wouldn’t necessarily suggest selling gold unless there are effective short hedges in place to replace its role.  But either way, I would be a little surprised if gold continued to push up as aggressively as it has this past month given the channel resistance.

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