Stock to Sell #4 – SPDR Gold Shares (GLD)
The SPDR Gold Shares (NYSE:GLD) seeks to replicate the price of gold bullion, net of expenses, and is very accurate in its pricing to gold since it is the only exchange-traded fund (ETF) that holds physical gold.
GLD rose from around $120 to over $188 last year, but since the double-top of August/September, the trend has flattened with support at about $157 and resistance at $165. The chart flashed a “death cross” in mid-April, along with a sell signal from the stochastic. A break under $156 could drive GLD to $146.