Gold continued is decline today, the SPDR Gold Trust (NYSEARCA:GLD) dropped to $125.39 -1.82 (-1.43%). Just ten days ago, the GLD traded as high as $131.15. Most investors are not sure whether to buy gold here for a bounce or run for the hills and hide. But do not fret, the answer can be found in the daily chart of GLD.  Multiple signals/indicators tell us that $123.27 is the buy level. This should be achieved within a week. Note the 3 reasons which confirm this analysis below.

1. Previous pivot high from April 29th, May 1st & 2nd at $123.75.

2. Fibonacci 50% retrace level at $123.20

3. Daily 50 moving average at $122.85

If you average these three levels which are all close together you get $123.27.

By Pro Trader

Jenny Rebekka