The volume for last week’s move downward in GLD, the SPDR® Gold Shares Trust, closed well below the volume accompanying the exchange-traded fund’s [ETF’s] mid-April low. However, this positive development is off-set by a break of a long-term regression line constructed in the last quarter of 2011 when GLD began it long-term move downward. A second close below the line this week would favor continued declines and bring the projected move down to 121.50 into view. Figure 1 provides the weekly chart for GLD.
Figure 1 GLD Weekly Chart with Regression Channel, Volume & RSI [as of Tuesday 5/21/13]
The Relative Strength Index [RSI] is confirming GLD’s decline since Oct 2012, but is issuing an alert for the downtrend with a higher low formed on last week’s decline. Such a... [Read More]
COMMODITIES VIEW
