Todays Chart of the Day is SPDR Gold Shares (GLD)
Gold is making a move today, with the GLD price approaching the yellow trendline from May 2021.
The price is back above the green 50 Day Moving Average, albeit it is still declining.
I will be monitoring this chart to see how the price reacts to the confluence of the trendline and the purple 200 Day Moving Average.
Often trendlines and the 200 DMA act as support or resistance.
This is the third test of the trendline, with sellers becoming exhausted on each additional test.
I anticipate the price to slow down in this area giving the 50 DMA a chance to flatten out and begin advancing.
***** Click on the chart to enlarge*****