This past Wednesday was the first sign of potential weakness $GLD has seen since gapping up off the 50dma on 6/24. On Wednesday $GLD stalled, moving higher on the day but closing in the lower half of its trading range. Some were saying it was extended...I agree that it is BUT Wednesday's stalling wasn't enough to convince me that the move was over. Thursday's action showed support as price closed in the upper half of the trading range and Friday's move showed continued support as it closed at the top of the trading range AND on heavier volume than the day before.
Note how all of the price action since 6/24 has occurred above the 10ema. It would be very healthy for $GLD to either trade sideways for another few days before continuing higher OR to just rally higher from here.
Note how all of the price action since 6/24 has occurred above the 10ema. It would be very healthy for $GLD to either trade sideways for another few days before continuing higher OR to just rally higher from here.