What the GLD ETF Chart Tells Us About Gold
By David A. Banister
NEW YORK (TheMarketTrendForecast.com) -- Gold has remained in a rough 1,550-to-1,640 range for several weeks now. Friday night, we look at the SPDR Gold Trust ETF (GLD), which represents the Gold spot-price movements. Over the past five months, we can see in the chart below the clear downtrend lines.
In the past six weeks we have seen a series of three higher lows, including today, where a lower gap filled in and gold reversed upwards.
What gold needs to do, in terms of this GLD ETF, is clear the 158 hurdle on a closing basis to set up a stage for a new advance. I would expect in the intervening months to October for gold to continuing meandering and correcting to as low as 1,445 to 1,455 -- the gold worst-case low targets I've had since last September.
Near-term key levels are 150 on the downside and 158 on the upside. If we close below 150 on GLD ETF, then we should be looking for my 1,445 to 1,455 areas to be hit this summer before a low. If we clear 158 on the GLD ETF, the triple bottom at 1,520 is likely confirmed and we can start tracking some upside.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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