Reminder: ETF updates are presented as a snapshot to current status only. More in depth work is done in NFTRH.
GLD turned last week’s resistance to support, which is now being tested as Ukraine hype unwinds and FOMC looms. This is a still bullish chart working off an over bought condition.
GLD is in consolidation at resistance. It is bullish until proven otherwise. Support is anywhere from the visual lateral support at 122 to the gap and moving average convergence around 125.
GLD has reached the resistance that is the initial objective for the rally off the December bottom. On its bull signal but at a logical point of consolidation or reaction.
Party on Garth! I talked with my semiconductor contact 2 days and he says still D.E.A.D. But look at SMH go, will ya?
The target is 34 based on this breakout and assuming FOMC does not do or say something untoward tomorrow to reverse it. It is funny how gold is declining with USD and Long Term T bonds, while the regular market gets Garth good and plastered on what one would assume is QE punch.
Got to love the holidays.