GOLD (GLD)

Gold looks very bullish at the moment and i wont sell it for the next days. I was flat last week on Gold and sometimes with a loss of  3850 USD. I knew its always a bit tricky to trade Gold, because some Fund Managers are pulling the GLD down sometimes, to add it at lower prices.

Ok lets take another look. At the first sight it doesnt look special and there`s no much performance into it. But just compare the highs from days before and you`ll see there are higher highs and we had the second buy-up spike which indicates a strong bullish engulfing!

I expect we`re going to hit the next important retracement and then we will receive our strongest bullish sign on Commodities which moves similar to Gold.

As you see, we`re moving along a trendline (yellow ones) and every Fibo Retracement gets tested out.

By the way, Commodities should be the best profiteurs from the QE 3 program..