Silver & Gold Trading Analysis Bearish Daily Chart AGQ GLD

Date:11/17/2011

Silver & Gold Trading Analysis Bearish Daily Chart.GLD. Learn how to trade gold & silver stocks long at the right time and short at the right times.When evaluating gold ETF GLD, it's important to take a look at the daily chart and notice how we hit a double top slightly above $175.

After that we had a quick reversal down slightly undercut the $170 handle, and quickly reversed back to the $175 tripled top. Since I reversal from $175.46 we've dropped $7.74 to close at $167.72.When evaluating the weekly trend on the GLD, it's important to note that the 10 month moving average is $155.46 so there is clearly room to go down below today's intraday low of $163.61.

On a weekly level, we breached the 20 week moving average of $166.55, however, the bowl was able to come in maintain that lower level support and rally it is $1.17 above that moving average going into the close. The 20 week moving averages consistently been rising, but a close below it which could possibly happen tomorrow, would be bearish.

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