GOLD ETF (GLD)
GLD came under intense pressure from the on-going liquidation of substantial portions of GLD positions by very large funds last week.
There are fundamental reasons to sell GLD. But regardless of those considerations, the chart also tells us that a correction of the bull market is needed after GLD failed to retest the 185 level and made a lower high in October last year.
Now the first major support level 158 is broken. The next support around 148 is a critical support, the bottom of a broad consolidation range from 175 to 148.
GLD has a short- and intermediate-term bearish outlook. Also last week, the long term momentum indicators (50/200EMA) crossed, and give a long-term selling signal. It appears that price will have to retest the support around 148-150 at least one more time. On the upside, the 162 level is a major resistance area
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