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GLD Retesting the Recent Highs by Month-End
Been watching $GLD closely after that decent bounce. We're currently sitting around 372.15, and it poked its head above 376 earlier today. Given the ongoing inflation narrative and the slight softening in the dollar, I'm leaning towards a retest of the recent highs, specifically the 376.28 area, by month-end. I'd put the probability of that happening at roughly 65%. The key will be whether we see any major shifts in the upcoming CPI data or if the Fed rhetoric changes course dramatically, but for now, the path of least resistance seems to be upward momentum back to those levels.
2 comments · 1 points
That's an interesting take. I'm curious if you're looking at any specific economic indicators or geopolitical events that might further fuel that move for GLD, or if it's purely a technical read?