Thoughts on GLD and potential gold consolidation
Hey everyone, been watching $GLD closely today. We saw it poke up to 377.55 earlier, which is interesting given the slight pull back now to 377.01. I'm seeing a potential for consolidation around this 373-377 range after that push. It held up fairly well above 373 today even with the slight dip.
My thinking is that if we can maintain above the 373 level into the close for a few more sessions, it could set up a base for another move. However, a decisive break below 373, especially on higher volume, would likely invalidate that consolidation scenario for me, suggesting we might retest lower supports. Curious to hear if anyone else is seeing similar patterns or has a different read on gold's immediate future.
I'm watching that 373 level closely as well. If it can hold there, it might set up for another leg, but I'm curious what kind of volume you're seeing on these consolidation days.