by BRET KENWELL
The GLD has fallen for five straight sessions, while gold futures are down in four of the past five sessions, (albeit, it’s one “up” day was a gain of just 27 basis points).
Still, gold is getting hit hard on the Fed’s indications that it will look to raise interest rates by 2023.
Interestingly though, gold doesn’t seem to be responding well to the current easy-money policy that will persist.
Instead, investors seem focused on what may happen in the future, even though that future is a long way off. It doesn’t help that the dollar is rallying on the news as well.
GLD faded hard from the mid-$170s, knifing right through the 10-day, 10-month and 21-week moving averages.
If shares can go on to fill that gap, it will take the GLD up to $171, around where it also finds the 50-day moving average.
Above that could put the 50-week moving average in play, followed by a smaller gap up near $175.50.
On the downside, keep an eye on the 21-month moving average. This was solid support earlier in the year, but if it fails, it opens up the $157.50 area for a potential test.
Source: TheStreet, Inc.
https://www.thestreet.com/investing/gol ... pportunity?
