On Tuesday, we highlighted the bull flag on the daily chart of PNTG.
For today’s chart of the day, we’re going to take another look at the SPDR Gold Shares ETF (GLD).
GLD is an exchange-traded fund (ETF) that tracks approximately 1/10 an ounce of physical gold.
We’ve looked at the GLD several times the past few weeks, but let’s take a look at the daily chart below and see if anything’s changed:
GLD continues to correct by moving sideways just under the midline of its Keltner Channel.
Key support is right here, but a break below this level suggests the August lows would be the next swing point to look for.
So, as of right now, there’s still no reason to be trying to get in on the long side of GLD, as there’s no PowerTrend buy signal.
Tomorrow, we’re going to take a look at a recent high flyer that is seeing sharp profit taking. Hint: It rhymes with “Besla.” And in case you need another hint, the CEO’s name rhymes with “Beelon Busk.”
Analyst, Chart of the Day