Gold – 29 Jun


Gold moved back into the Bollinger band and has confirmed the most recent swing low at 1496. Resistance is now at 1515 and higher at approaching 1550. Support is still the 1486 level with stronger support at 1474. Stochastic is hooking and RSI is neutral. Nothing happening fast here.

GLD is at resistance of 147. Further resistance comes in overhead at 148 and 149 from the 50 and 20 day moving averages respectively. Price has moved back into the Bollinger band with 145 as support and stronger support at 143.50. The sideways trade is alive and well with an upper support/resistance channel and a lower one defined by the heavier lines. It would not surprise me to see a swing high here and a move to the lower boundary of the lower channel and a test of 143. the 100 day MA is there to provide additional support.

PHYS, the real and 100% allocated gold bullion fund, is also at resistance at 13.17. Support is at 13.0 with additional support coming from the 100 day MA just below there at 12.91. The medium term trend is sideways, depicted by the blue trend channel.

So far the longer term trend is intact, but lack of follow through here will cause price to to work its way across the trend line. Support is solid at 13.0 with the aid of the Fibonacci 38.2% retrace level. My gut feeling is a move down to the 200 day moving average is in the cards for July before a late summer/fall rally to new highs. Look at divergence depicted by the blue lines. All 3 technical studies are showing lower lows while price did not. This says there was more strength in the latter move to 13.0, suggesting that the path of least resistance is down.

This entry was posted in GLD, Matrix Sentry TA, PHYS, Technical Analysis. Bookmark the permalink.

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