mkmunir3

Gold (GLD) can fall only by 2%. Strong bull trend- medium term.

AMEX:GLD   SPDR Gold Trust
Gold ETF can be used to see the trend of Gold. The way jump from sub 140 level to significantly higher than 140 at 143 has taken place in early August, we have signs of the overall sentiment as strongly bullish. With RSI hovering around 60 in past 2 months, it is evident a strong uptrend is present. At the moment, we can see the strength declining and we can expect a fall to 141.5 and further to 141. If we breach 140 in coming week, we will have strong support at 135-137 zone.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.