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Monday, June 11, 2012


GLD has continued to improve its chart.  On 5/31, I wrote "The daily chart shows the three highest volume bars are bullish candle sticks. It would be easy for the 6 MA to turn up from here to help confirm a short term low."  Here is a look at the daily chart.

The 6 MA did indeed turn up.  GLD had a big gap up on 6/1, but has come back to fill in the gap.  It appears to be finding support at the 18 SMA.  Here is a look at the weekly chart.

This chart has improved considerably.  The first attempt at the 156.58 resistance line was rebuffed, but that was to be expected with all the overhead resistance up above.  A second attempt might be more successful.
Since GLD closed below the 6/1 high volume bar low (154.87), it needs to close back above that to get short term bullish again.  The daily chart looks pretty constructive, but the highs and lows of high volume bars can provide stiff support and resistance when broken.


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