Triple Resistance For The Gold ETF

Published 09/19/2013, 06:54 PM
Updated 07/09/2023, 06:31 AM

I have a lot of odds and ends to do this afternoon, so I wanted to get a post up before I commenced my (as my mother used to call it) “rat-killilng.” I shorted 450 shares of the Gold ETF GLD) today, with a stop at 133.68, based on a confluence of resistance that I see.

One is the gap at $133.67 (hence the stop); two is the red trendline drawn from the late June 2013 low; and three, most importantly, is the trendline going back thirteen years to 2005, shown below in purple.

I think the recent strength in gold is countertrend and will soon be reversed.
GLD

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