SPDR Gold Trust Stares Down a Technical Sticking Point
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If a rally occurs from current levels, watch the $161 area for†potential resistance, site of GLD's declining 140-day moving average.† This unpopular moving average†contained seven pullbacks during the rally from the '09 lows,and GLD finally broke below it in December '11.† It acted as resistance in late March.
In addition, the $150 level also coincides with the 61.8 percent retracement level of the 2011 trough-to-peak move.
On a longer-term basis, a worsening of Europe or Greek exit could hurt the Euro and the potential of QE3 may hurt the value of the dollar. †With selling pressure on the Euro and the U.S. Dollar, there is the potential for a flight to gold.
Bernie's latest post†from this morning (6/18) looks at the GLD's relationship to its 320-day trendline. †It's not pretty. †
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