Why The SPDR Gold Trust ETF (GLD) Could Be In Trouble Here

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December 7, 2017 10:29am NYSE:GLD


From Chris Kimble: Back in early November, I shared a 6-pack of charts showing that Gold (GLD) and the broader metals sector were allĀ testing key price support levels.

Well, those price levels appear to be giving way to the downside. And this could be warning of lower prices to come. In the updated 6-pack of charts below, you can see blue trend lines for various charts of Gold, the Gold Miners (GDX), and Steel (SLX). In each of the charts you can also see where price is declining through the trend line (red shaded areas). The most watched and notable is the Gold decline.

Each of these breakdowns are still in the early stages and will need to see a follow through day to the downside (with strong volume) as confirmation.

Put these on your radar. Caution advised here.

6-Pack of Charts – Gold, Gold Miners, Steel, & more


Thanks for reading.

The SPDR Gold Trust ETF (GLD) was trading at $119.08 per share on Thursday morning, down $0.99 (-0.82%). Year-to-date, GLD has gained 8.64%, versus a 18.95% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 35 ETFs in the Precious Metals ETFs category.

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

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