SPDR Gold Shares (GLD): Testing Support before Going Higher

SPDR Gold Shares (GLD) is currently retracing back to find a Resistance Turned Support level at around $124-$125 (in red) before moving higher. This support zone also coincides with the uptrend channel  (in blue) support. If this support is broken, the next support at about $122 which the support of Ascending Trend line (in black) and also 50D SMA support. Technically GLD is still bullish and trading in an uptrend.

See previous post on Gold ETF (GLD) here.

GLD July23-3016

Gold on Bullish Up Trend!

Gold ETF (GLD) has broken out from a Bullish Pennant and confirmed the uptrend. 20D & 50D SMA are sloping up, and 50D crosses up 200D SMA. With this breakout, GLD has gained more than 20% from the bottom since Dec 2015. Also take note that the recent parabolic gain in GLD is supported by increasing trading volume. Be cautious on the Parabolic curve chart pattern. You will love it and also hate it if you don’t know when to get out.  See other examples of stock charts which show Parabolic Curve here.

GLD Mar4-2016

See previous post on Gold ETF (GLD) here.