GLD approaching 382.22, watching for a potential shift in momentum
Hey everyone, been keeping a close eye on $GLD today. We saw it hit a high of 382.22 earlier and it's holding up pretty well. I'm curious about this level. Is it just a daily high that will get retraced, or could it be a significant point of resistance for a more sustained move?
My thinking is that if we see a clear rejection from this 382.22 area, especially on higher volume, it could indicate that the recent upward pressure is starting to wane. Conversely, a convincing break and hold above it, say, on the daily close, might signal that the bulls have more gas in the tank and we could see a push towards new highs. The invalidation for a bearish scenario around this level would obviously be a strong continuation upwards past it. Just an idea I'm tracking, let me know your thoughts.