Thoughts on $GLD and the 365 support/resistance flip
Been watching $GLD pretty closely lately, and that 365 level has been interesting to say the least. It’s acted as both strong resistance and then, recently, pretty solid support. We've seen it test the lows around 363.60 today, which held up, pushing us back towards the 369 mark.
My take is that 365 needs to hold on any pullbacks for this current move higher to have legs. A sustained break below that level, say a daily close under 363, would invalidate this short-term bullish bias for me. At that point, I’d be looking for a retest of the lower range, possibly towards the 360-361 area. For now, the resilience shown today off that 365 pivot is constructive, but it’s still early days and volatility is always a factor with these. No guarantees, obviously, but that’s what I’m tracking.
That 365 level has certainly been a key pivot. I'm wondering how much of that support is tied to broader USD strength or weakness, given gold's inverse correlation. Are you factoring that into your outlook for GLD?