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Commodities

SPDR Gold Trust Shares (GLD) : Watch the support


GLD is looking to be toppish.

It has gapped down (along with SLV, which I have close off) and remain below the Tenkan sen and Kijun sen.

It has also been in consolidation since November and have tested the resistance 3 times near $138.

The kumo support below is thin and price below $134 is critical to hold.

$134 is also the Tenkan sen support on the Ichimoku Weekly Chart.

So, we may expect a bounce here to the gap resistance before it finally breaks $134.


And if GLD falls, it is unlikely for SLV to hold as well.

By iam802

Trend trading with Ichimoku