GLD climbs to highest close ever
SPDR Gold Shares (GLD) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
GLD ended the month 10.79% higher at 185.43 after gaining $1.67 (0.91%) today. Today's close at 185.43 marks the highest recorded closing price ever.
Daily Candlestick Chart (GLD as at Jul 31, 2020):
Friday's trading range has been $1.59 (0.86%), that's slightly below the last trading month's daily average range of $1.59. Weekly volatility is also lower, being slightly below 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. The last time a White Candle showed up on Tuesday, GLD gained 0.75% on the following trading day.
Prices are trading close to the key technical resistance level at 186.14 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 186.14 where further buy stops might get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for GLD. Out of 759 times, GLD closed higher 52.96% 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 55.86% with an average market move of 0.19%.