GLD closes below its opening price unable to hold early session gains
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.
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.
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.
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.
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
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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