Bought GLD and SLV today

Bought GLD at $94.64 and SLV at $15.03 after a nice pullback seen on the whole inflation trade including a gain in the USD, drop in GLD and SLV as well as many other commodities, including energy, metals, soft goods etc.  Basically everything dropped today as the USD gain. 

GLD

GLD today closed right on the support line that has previously been broken around the $94.34 area on May 29th, 2009.  Today is a nice confirmation of that support line being a key technical level.  Will look for consolidation still in the next few days and keeping a close eye if there’s any significant drop in GLD especially below $94.34. 

SLV

In terms of SLV after a nice break out the other day on the key $14.91 technical downtrend and resistance, SLV has been confirmed to form a new bull run.  Today’s close above the support line around the $14.91 is also confirming the strength of the support line.  Will look for consolidation too for the next few days, but not falling anywhere below the $14.91.  

Sold my Gold today (GLD)

Sold my Gold today at $94.25 after noticing heavy resistance that the market is not ready to break.  Will look for a pull back to the $92 area next week before putting more positions back in.  Stochastic looks overbought and bollingers are also confirming its overbought.

Purchased Gold today (GLD)

Went back to gold again today at $89.65 as I consider this a fairly safe investment and based on the charts it looks like a very bullish inverse head and shoulder formation.

None the less I feel very comfortable and bullish on this market from here. Short term target price, $97.56 and long…. term target price if it breaks, $130.