SPDR Gold ETF (GLD): Short Opportunity!

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Gold has shown weakness recently and GLD chart has shown a reversal pattern to indicate the pull back.

  • GLD has broken 20D and 50D MA with gap down.
  • GLD is unable to break the 50D MA resistance although the recent rebound. This 50D MA support now becomes resistance.
  • Bearish Engulfing candlestick pattern formed at the 50D MA resistance., after a short rebound.
  • Base on the long term GLD uptrend chart pattern, everytime GLD break the 50D MA support, GLD will head towards the uptrend support (also the 23.6% support line of Fibonacci Fan) and the 200D MA.
  • MACD Bearish Convergence.
  • GLD starts to stick on lower band of Bollinger Band.

Current chart pattern represent a good opportunity to short the SPDR GLD shares and also opportunity to buy on dip when pull back to 200D MA support (provided the Gold reboundĀ from the support).

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