After a sharp decline in September, the Gold SPDR (GLD) moved into a consolidation the last two weeks. Support resides at 155 and resistance 162.50. Traders should watch these levels for the next direction clue. Also watch the Dollar. Gold bounced this week as the Dollar declined, but a bounce in the Dollar would be negative for bullion.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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