Taking Yet Another Look at GLD

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:

chart

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.”

Trade Smart,

 

Michael Saul
Analyst, Chart of the Day

Michael Saul

Written By Michael Saul

Michael Saul has been trading the financial markets since the mid-1990s. He head first into studying price charts, devouring everything on technical analysis that he could get his hands on. Then, he moved on to trading stocks in 1999, and started trading options in 2000. The one thing he’s discovered through it all is you can never stop looking for new ways to gain an edge in the market.