Gold at an Intersection of Support

By | July 20, 2016

The SPDR Gold Shares (GLD) are at an intersection of support on their daily chart, defined by an uptrend line drawn off the June lows and a horizontal support line that marks the lower end of a recent gap higher. Moving average convergence/divergence has made a bearish crossover and while Chaikin money flow is positive, the money flow index, a volume-weighted relative strength measure is tracking lower, reflecting a decline in momentum, and is under its 21 period average.

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