Wednesday’s Technical Outlook for Gold (GLD)

Wednesday’s Technical Outlook for Gold (GLD)

Wednesday’s Technical Outlook for Gold (GLD)


Gold (NYSEarca:GLD) benefited from Buck’s softnessTuesday, with spot rallying up to 1,256.61 oz, and ending above the 1,250 mark.

The precious Yellow metal gained despite the ongoing risk appetite, it ran on USD weakness, and on Silver’s strength.

On the daily

The technical indicators recovered from their mid-lines and present strong Northward slopes within positive territory, as the price extended above a a flat 20-Day SMA, suggesting the Northside is favored. There is still not enough strength to confirm a rally.

Near term

The 4 hours shows that the price is developing above its MAs, and the technical indicators have turned South within positive territory, all of which suggests that Spot Gold needs to extend beyond last week highs at 1,262.60 to rally further.

Support marks: 1,246.10 1,237.80 1,229.05
Resistance marks:1,256.60 1,262.60 1,271.80

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

2 Responses to "Wednesday’s Technical Outlook for Gold (GLD)"

  1. Stan   April 21, 2016 at 9:18 am

    “Gold (NYSEarca:GLD) benefited from Buck’s softnessTuesday, with spot rallying up to 1,256.61 oz, and ending above the 1,250 mark.”

    I’ve been trying to do my due diligence on this fund. Anyone know why there is a clause in the GLD prospectus that states GLD has no right to audit subcustodial gold holdings? Why would the organizations behind GLD forfeit this right and create such a glaring audit loophole? I have not heard a single good reason for the existence of this loophole thus far. It also doesn’t help that GLD claims to be fully backed by physical gold bullion but yet it refuses to give retail investors the right to redeem for any of these ‘claimed’ gold bullion. There are a number of other red flags as well from what I’m reading:

    “Did anyone try calling the GLD hotline at (866) 320 4053 in search of numerical details on GLD’s insurance? The prospectus vaguely states “The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody.” When I asked about how much of the gold was insured, the representative proceeded act as if he didn’t know and said they were just the “marketing agent” for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC’s Bob Pisani to GLD’s gold vault. This visit was organized by GLD’s management to prove the existence of GLD’s gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this “GLD” bar was actually owned by ETF Securities.”

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