My role here today is to analyze the recent movements of GLD and offer my own insights as to what I believe will happen next with regards to price activity. In the chart below, I’ve drawn a thick horizontal line.
This represents major resistance. The psychological barrier near $100 should come as no surprise seeing that investors gravitate to price figures ending in either “0” or “5”. At any rate, this wall has been tested quite a few times. Instead of tripping over themselves in full retreat, the bulls gave ground to affirm the previous breakout neat $70 and bounced back to test $100/share once more.