One of the noteworthy developments in recent days has been the move in gold. The yellow metal slid to a two-month low on Tuesday as the dollar strengthened ahead of a U.S. Federal Reserve policy meeting. While the FED is widely expected to stand pat on policy for now, traders will be closely watching for hints of an interest rate hike in June. Spot gold was down 0.66 percent at $1,306.20 an ounce. The SPDR Gold Shares (GLD) fell 0.71 percent to 123.71. Now the question is whether recent selloff is a pause that refreshes or it’s a beginning of something worse? Below is an update look at a trade in 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.
Chart 1.1 – SPDR Gold Shares (weekly)
Our “U.S. Market Trading Map” painted GLD bars in red (sell) – see area ‘A’ in the chart. Following the 2011-2016 massive drop, GLD has been coiled into a tight trading range as it worked off oversold conditions. GLD has been trending lower over the past few weeks after the late 2017 rally ran into the massive 2-conjoining resistance near 130 zone, or the 2016-2017 highs and the 38.2% Fibonacci retracement…Click here to read more.
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