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First, a peek at the daily GLD chart pre-market Wednesday 6/23
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The chart sums up my observations. GLD has not broken its uptrend line and continues generally higher, but momentum is really running out of gas. Perhaps some announcement from Ben this afternoon that implies more money will be printed can jumpstart GLD, but otherwise I think a correction is not too far off.
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Click on the chart to ENLARGE
Now for the hourly GLD chart.
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Anytime the TSI is BELOW ZERO, bullish enthusiasm needs to be tempered. Ditto for MACD. This is our situation pre-market today. The downward momentum of Monday was arrested yesterday and that portends well for the start today.
Overhead trend resistance is also a concern, as is money flow which needs to pick up if we are to make any appreciable headway.
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The USD has been making a series of higher lows this morning and seems to be (unfortunately) picking up a head of steam.
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I'm keeping my expectation low for today, in other words.
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Click on the chart to ENLARGE
Dec. 23 open
9 hours ago
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