SPDR Gold (GLD): Facing Resistance of the Rebound

Looks like the recent rebound of GLD is coming to an end as the ETF price is facing the Fibonacci Fan 38.2% resistance and the gap resistance at about $125. GLD has been rejected by this 38.2% Fibonacci Fan resistance for the past 2 occasions.

The current rebound has retraced back to 50% FR level (see Fibonacci Retracement in black line). Keep an eye on whether there is a reversal at this level else GLD will continue the down trend from now on.

See GLD previous analysis here.

GLD July20-2013


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