GLD closes below its opening price unable to hold early session gains


SPDR Gold Shares (GLD) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
GLD closes below its opening price unable to hold early session gains
GLD unable to break through key resistance level
GLD closes higher for the 2nd day in a row
GLD pushes through previous session high
GLD rises to highest close since May 24th
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, GLD ended Thursday at 123.38 gaining $0.19 (0.15%). Today's closing price of 123.38 marks the highest close since May 24th. Trading $0.23 higher after the open, the ETF was unable to hold its gains as the bears took control ending the day below its opening price. Closing above Wednesday's high at 123.34, the market confirms its breakout through the prior session's high having traded $0.52 above it intraday.

Daily chart for GLD
Volatility

Thursday's trading range was $0.54 (0.44%), that's slightly below last trading month's daily average range of $0.59. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Unable to break through the key technical resistance level at 123.82, GLD closed below it after spiking as high as 123.86 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

While the ETF is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for SPDR Gold Shares
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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