Trend Reversal in Progress for Gold?

by Sam Collins | January 27, 2014 7:06 am

SPDR Gold Shares (GLD[1]) — This exchange-traded fund (ETF) has responded to the currency and global stock market’s weakness by rallying to its breakdown point and trendline — both significant resistance points. 

If it breaks above $124, it will almost certainly test its 200-day moving average at $127.70. MACD is positive. A trend reversal could be in progress.

GLD Chart
Click to Enlarge

Chart Key[2]

Endnotes:
  1. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  2. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

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