SPDR Gold Trust Potential Reversal Signal

Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

SPDR Gold Trust (GLD): Potential Reversal Signal

According to Bloomberg's data, total known ETF holdings of gold slipped 0.1% to 108.65 million troy ounce, down for a third straight session, the first time since early June, suggesting that there might be some profit taking actions.

As shown on the daily chart, SPDR Gold Trust (GLD) has potentially formed a reversal signal after a recent rally. It has formed a bearish evening star pattern last week, and following by a 5.4% decline on Tuesday. The level at $189.60 may be considered as the nearest resistance, while the 1st and 2nd supports are expected to be located at $172.20 and $165.30 respectively. Alternatively, a break above $189.60 would suggest that the next resistance at $194.45 might be challenged again.

Source: TradingView, Gain Capital
Related tags: Stocks Gold Commodities

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar