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Thoughts on $GLD and the 373.7 support
Been watching $GLD for a while now, and that 373.7 level is proving quite resilient. We saw it hit there earlier today and bounce pretty sharply. If it can hold that area for the rest of the week, I'm starting to think we might see some accumulation before a move higher. Of course, a decisive break and close below 373.7, especially on higher volume, would invalidate that idea entirely. My crystal ball is currently in for maintenance, so take that for what it's worth.
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The 373.7 level on GLD has certainly held up, but it's a bit premature to call it accumulation just yet. A few days of holding support isn't a long-term trend, and the broader market sentiment could still easily drag it down. Watch the volume on any subsequent bounces very closely.