Wednesday, June 7, 2017

Technical chart for the GLD ETF showing trend towards higher prices as paper gold compliments the physical gold price

With gold's decent 1% move yesterday to nearly $1300, the positive technical indicators that began in late May have now moved into the paper gold markets as well.  And on June 7, the technical chart for the GLD ETF is now in line with the physical gold price charts, which signal a move towards even higher gold prices.

The 2017 high of $1,298.8 was set on Tuesday. Gold has been above a "golden cross" where the 50-day simple moving average moved above its 200-day simple moving average on May 22. A "golden cross" indicates that higher prices lie ahead. My monthly value level of $1,152.6 with a quarterly pivot is $1,233.2 and a weekly pivot of $1,273.7. My annual risky levels have been $1,660.1 and $1,674.1 since the beginning of the year. 
The weekly chart for the Gold Bullion ETF ($123.10 on June 6) is positive, with the ETF above its five-week modified moving average of $120.33 and above its 200-week simple moving average of $118.39, which is the "reversion to the mean" tested several times between the week of Feb. 24 and the week of May 19. Weekly momentum is projected to rise to $69.72 this week, up from $62.38 on June 2. Buy weakness to my weekly value level of $121.14. My quarterly value level is $116.89, with my annual risky level of $160.24. – The Street

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