Thursday, July 23, 2015

Gold: chart analysis $GLD

First, the weekly chart of GLD:

Next, the 2-year daily chart:

We could argue that GLD's decline this week was launched by a well-formed continuation descending triangle. That said, prices can do anything, including going back up to the 110 level or beyond. Remember: patterns fail often. Should GLD continue to decline, there may be support at 100, which was resistance in 2008 and 2009. If 100 does not hold as support, then I see 84 as the next major support level. But first, let's watch for a retest of the 110 level.

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