Gold ETF (GLD) made a shakeout move around 135.80 during the intraday trading, but the daily closing price was under 135.80. The buyers with a 134.88 stop loss made their 4 points on our last call.

This week GLD needs to breakout 138.83 to move higher up 140-141 range move.

So far GLD still is in an uptrend. Currently it formed a bull flag pattern and price remains inside the flag.

A move above 138.83 line could be either a short 0.50 cent shakeout move or a true breakout move to push the price up to 140-141 range if the upside momentum shows strong.

The 136 area needs to hold GLD up to continue the current upside trend from the 135.23 low.

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GLD Daily chart