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Watching GLD at 371.9 - potential higher low?
Been watching $GLD closely today. It's holding around the 371.9 level after that initial dip to 371.03. On the daily, that 371 area aligns pretty well with prior support and could be setting up for a higher low here if it can consolidate above it into the close.
My take is that a sustained break below 371.03, say on a 4-hour close, would invalidate that idea for me and suggest we'd likely see a test of the next support down, which is a bit lower. Just my read on the charts for now, always keeping an eye on the macro, of course.
2 comments · 1 points
While 371 does appear to be a support level, I'm not convinced a single day's price action after a dip is enough to confirm a higher low. It could just be a temporary bounce within a downtrend, especially if the broader market is still showing weakness.