Don't buy gold until it reaches this level, Piper Jaffray technician says $GLD (via TradingNation)
has tumbled 2%. Its rally has pushed the yellow metal above $1,500 to reach the highest level in more than six years."It's starting to get a little bit ahead of itself," Johnson said Thursday on CNBC's ". " "I would trade it this way – I'd wait for this stock, take profits here and now, wait for it to pull back to about $130 on the GLD, then I'd be a buyer on that pullback and confirmation of support."peaked at $142.47 earlier this week.
"On the longer-term setup, you can see that there could be measured objective towards about $160 here. Because this is a very meaningful topside break out of a nice consolidation range," Johnson added.Nancy Tengler, chief investment strategist at Tengler Wealth Management, said in mid-July that the gold trade would work as a near-term play. Since that call, the GLD ETF has rallied 5%."If I believe that slowing global growth is going to infect the U.S.
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