GLD rebounded from the 50% Fibonacci Retracement level and currently facing 38.2% Fibonacci Retracement level. This Fibo level also coincides with the previous support turned resistance at about 120.
Looking at one year chart pattern, GLD is expected to trade between the range from 117 to 124 until there is a breakout to either both side.
As GLD is trading sideway, I am looking at Iron Condor (Option trading) as a trading strategy.
Gold broke 1300 resistance of a Rectangle consolidation pattern and heading toward price target of 1400.
GLD is SPDR Gold ETF. GLD broke $123 resistance and heading towards the breakout target of $130.
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.
