A snapshot of current daily technicals…
GLD dropped below and shot back above support. Key objective: Get above 120 and make a higher high to October.
A snapshot of current technical status…
GLD made a bearish breakdown below the equiv. of gold 1180. To even think about repairing the technicals, GLD would have to get above 115 at a minimum (gold above 1180).
A snapshot of current technicals…
GLD climbed above the June low but is still considered at resistance below the SMA 50. Also note GLD remains in a down trend (series of lower highs and lower lows) which would not be broken until a rise above the July high around 129.
A snapshot of key ETF’s…
GLD has bounced a good way toward the key resistance noted previously, which is the June low. This level is a very key decision point, because gold remains bearish below that level.
GLD hit support (neckline) yesterday and made a lower low to October’s low. A loss of this neckline would measure to 105 (+/-). GLD is on a bear signal.
Putting aside the pre-market drop in precious metals, we’ll review the charts as they stood at yesterday’s close.
GLD is neutral, with a bull signal to be determined by MACD going green and the price remaining at or above the 50 day MA’s.
GLD is MACD trigger up, on a trend line breakout and at the SMA 50. Balance of data points is a neutral signal. Bull signal would come with a couple closes above the SMA 50 and MACD rising to 0+.