Back on 16 January 2015, I wrote about GLD challenging a pretty strong area of resistance. I said at that time that there wasn’t much use thinking of a long play in GLD unless price could get through the $129 level. Well not only did price fail and reverse in the resistance zone, it is currently approaching multi year lows. This move is especially interesting in light of what’s going on in the world right now.
If price manages to make it through the $109.67 level the next real support doesn’t come in until around $100.