Gold, Silver Both Testing Decade-Long Technical Support (GLD)

Share This Article
July 15, 2017 7:07am NYSE:GLD


From Chris Kimble: Below compares the performance of Gold, Silver and the S&P 500 since July of 2001. Why compare the performance of the three starting in 2001? This is when Gold & Silver created a series of higher lows, starting a new bull market that lasted the following decade.

From 2001 until 2011, Gold & Silver both outperformed the S&P 500 by more than 500% each! 

No doubt it paid to own Gold & Silver over the S&P 500 from 2001 to 2011. As we all know at this time, the performance between the three has done the exact opposite over the past 6-years, as it has paid to own the S&P and avoid Gold & Silver.  Is in now time to consider that Gold & Silver could be ending the 6-year bear market in metals?

Below looks at only Gold & Silver since the late 1990’s and why the price point in Gold & Silver are testing what could be historically important levels.

The above chart reflects that Gold & Silver on a monthly basis are both testing 16-year rising support at this time. Despite Gold & Silver being lower over the past 6-years, this reflects that both are in long-term rising trends, where support is being tested.

Joe Friday Just The Facts: Support is Support until broken and both are testing long-term support at this time. What both do at this support test should send very important long-term messages about the metals space and will lead to wonderful opportunities.

The SPDR Gold Trust ETF (NYSE:GLD) closed at $116.77 on Friday, up $0.95 (+0.82%). Year-to-date, GLD has gained 6.53%, versus a 9.86% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #3 of 35 ETFs in the Precious Metals ETFs category.

If you would like to receive Power of the Pattern charts in the metals sector, you can receive them by being a Premium or Metals member.

This article is brought to you courtesy of Kimble Charting Solutions.

Read Next

Get Free Updates

Join over 50,000 investors who get the latest news from!

Most Popular

From Our Partners

Explore More from

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again! respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories