How Technical Analysis Identified Gold’s Top

Over at TraderMike.net where I post my daily market recaps I have been posting analysis on Gold via the Gold ETF, ticker GLD (view all the GLD updates). Since its latest breakout in July heading into its parabolic run and subsequent top I tracked the rise and now fall of Gold.

While Gold’s chart is by no means destroyed (it’s long term support trend lines remain in tact for now), technical analysis was the key factor in allowing me to accurately identify for readers the topping process.

Below are some of the key updates I posted in chronological order. Hopefully they can help paint a better picture in how the top was identified. If you have any questions feel free to simply leave a comment.

GLD August 23rd, 2011 Update
Original Chart

GLD August 24th, 2011 Update
Original Chart

GLD September 6th, 2011 Update
Original Chart

GLD September 7th, 2011 Update
Original Chart

GLD September 26th, 2011 Update – Gap of time due to me being out of town.
Original Chart

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