Gold prices inched up to their highest in more than a week on Monday amid heightened geological tensions. The SPDR Gold Shares (GLD) rose 0.82 percent to 122.08. The ETF has risen more than 11 percent YTD, trailing the S&P by about 2 percent. Monday’s rally indicated a bullish turnaround, according to our “U.S. Market Trading Map”. Below is an update look at a trade in the GLD.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – SPDR Gold Shares (daily)
Our “U.S. Market Trading Map” painted GLD bars in green (buy). After a strong run of outperformance in early July, GLD formed an important high in early September and trended steadily lower. The correction found support near the 200-day moving average. Monday’s massive rally signified…Click here to read more.
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