“We experienced ‘Key Reversal’ in GLD on Friday…..
These small excerpts are from Mark Leibovit’s 12 page The VR Gold Letter
………i.e., a higher intra-day high followed by a lower intra-day low all on increasing volume.”
“Recall, I told in last week’s report I reiterated previously published trading objectives for GLD, namely, 117.00, 119.54 (the December 3, 2009 high) and then possibly 124.00! So, for now it appears 122.24 may have been the top of this move.”
“As you know, I’ve been a “gold bug” for years and we have profited together as a result. I still think we have a lot more room to rally, but one has to express some reservations when the mainstream media starts talking about gold. The NY Times presented “A Case for Gold at $5,000 an Ounce” this past Thursday. I too have projected figures like $3000 and $5000, but when everybody else starts talking about it as well, it may be time for a correction. Hold on to your bullion, but we’ll continue to trade both sides of this volatile gold market.”
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