A Pragmatist's View: GLD Defies The Haters
GLD, the SPDR Gold Shares Trust ETF (GLD) continues to perform well despite the ill will emanating from doubters, disbelievers and deniers worldwide. Following in the wake of last weeks breakout, GLD is working diligently to establish a new support level. It is succeeding and artfully so. The first and obvious observation is the last four trading days including today.
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Very clearly on the 10-day chart, GLD has crossed a threshold and support is developing at about $161.00. The trading range for these four days is incredibly tight. Prices have ranged between $162.45 and $161.23. The range has narrowed since August 23 (when it was $162.45 - $161.23) strengthening the level. With the exception of August 27, when GLD closed near the low of the day, the other closes and the price today as I write are very close: $161.89, $161.97 and $161.66. Today's close is criticalComplete Story »