GLD closes higher for the 2nd day in a row
SPDR Gold Shares (GLD) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GLD finished Thursday at 143.70 gaining $0.95 (0.67%). Today's close at 143.70 marks the highest recorded closing price since April 12, 2013. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (GLD as at Aug 15, 2019):
Thursday's trading range has been $1.41 (0.99%), that's slightly below the last trading month's daily average range of $1.61. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for GLD.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical support level at 142.47 (S1). After having been unable to move above 143.75 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 144.02. The last time this happened on Tuesday, GLD actually gained 0.68% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for GLD. Out of 455 times, GLD closed higher 53.63% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.36% with an average market move of 0.38%.