Current Trend (W): Down
Abv/Below Value Zone: Below
Next Scheduled Report Date: N/A
52 Week High: $137.62
52 Week Low: $109.67
Current Relevant Resistance: $120.61
Current Relevant Support: $109.67
Recent Close: $113.91
Comment: Greetings from the land of broken records. I have been saying essentially the same thing about GOLD via GLD for what seems like a very long time (certainly in market terms anyway). My first venture into the yellow stuff was back in April 2013… and true to my broken recordness, I haven’t changed my tune. Is it because I’m a stubborn jackass? Well, my wife’s opinion aside, the answer to that is no… I haven’t changed my opinion because the structure bias remains to the downside… i.e., it looks like the path of least resistance is lower.
What would change my mind? An act of Congress… actually scratch that… that’s way too far fetched.
I would begin to be less bearish on the gold etf if price can breach and hold $122.
Hope it helps.