Updated Action In Gold via GLD

by Geoff Garbacz | 04/29/2021 3:50 PM
Updated Action In Gold via GLD

We are updating our look at the SPDR Gold Shares via our favorite chart of GLD through Wednesday's close.

The Weekly Displaced Moving Average (DMA) Channel (Yellow Band) sees the current price above its channel. As such, bias remains positive but the price could be back in the channel very quickly.

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Second, the Erlanger Volume Swing (EVS) is at 7.47 and dropping. Above 0 is good and below 0 is bad. The current action is mixed.

Third, the Erlanger Crossover Spread (EC) Spread is at 105 and is close to a pullback.

Last, the Erlanger Trend Direction (ETD)remains in an uptrend but could turn to a pullback.

So what is an investor to do here? We would recommend spending some cash and committing to the short side for a possible breakdown. 

Positioning in our Gold & Energy Options Trader Options Portfolio off this chart is negative and that is why we just made a negative bet on GLD that has three weeks to work.

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