The SPDR Gold Trust ETF (GLD) Languishes Below a Key Trendline
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This post is complimentary to Bernie’s previous post on GLD (linked here). Together they provide a pretty complete road map of levels to watch for on this ETF.
Commercial traders’ have the lowest net short position since 2008. Rallies have had a tendency to occur in similiar conditions in the past.
From a price level perspective, the $160 level was an area of congestion from early March to mid May. This could be a short-term resistance as well.
GLD is also caught between its 10- and 20-month moving averages. Looks like a big move is coming soon and which breaks first could be a clue of the eventual direction.
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