$GLD looking for support in “Go” trend

$GLD looking for support in “Go” trend


December 2022


Alex Cole

$GLD price made another run at prior resistance and failed.

$GLD has been in a "Go" trend since early/mid November but has run up against resistance in the form of prior highs.  These highs also lined up with areas of support from earlier in the chart.  This is the concept of polarity on display.  Levels that were support become resistance and vice versa.  GoNoGo Oscillator is once again testing the zero line from above where we will look to see if it can find support.  If it can, and rally back into positive then we will be able to say that momentum is in the direction of the "Go" trend and we will expect another attack on that resistance level.