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Gold had remained in a rough 1550-1640 range for
several weeks now. Tonight, we look at the GLD ETF, which represents the Gold
spot price movements. Over the past 5 months we can see in the chart below
the clear downtrend lines.
Recently, in the past 6 weeks we have seen a series
of 3 higher lows including today where a lower gap filled in and then Gold
reversed upwards.
What Gold needs to do, in terms of this GLD ETF is
clear the 158 hurdle on a closing basis to set up a stage for a new advance.
I would expect in the intervening months to October for Gold to continuing
meandering and correcting to as low as 1445-1455, my longstanding Gold worst
case low targets I’ve had since last September.
Near term key levels are 150 on the downside and 158
on the upside. If we close below 150 on GLD ETF then we should be looking for
my 1445-1455 areas to be hit this summer before a low. If we clear 158 on the
GLD ETF, then the triple bottom at 1520 is likely confirmed and we can start
tracking some upside for Gold.
 
David Banister
The Market Trend Forecast
If you’d like to receive free weekly reports,
please check at www.markettrendforecast.com
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