What’s happening with gold we’ve been asked repeatedly today. GLD is actually acting just as it “should” in light of how the etf is currently structured. It went up and tested the 200 weekly EMA and failed. All of the “fundamental” explanations aside, GLD is falling because sellers continue to be more aggressive than buyers.
When would we think differently? To change the current structure, GLD will have to make a convincing higher swing low (reverse higher before reaching the $114.68 low) then trade through the most recent swing high at $137.55. Will that happen? Who knows, but those are the levels to watch.