$GLD sees new “GO” identified

$GLD sees new “GO” identified


July 2023


Alex Cole

$GLD has been in a "NoGo" trend since the middle of May.

Yesterday's bar saw a first aqua "Go" bar as the weight of the evidence combines to suggest a change in trend. This change in trend comes after GoNoGo Oscillator broke through the zero line from below a week ago and after we noted bullish oscillator divergence at the end of June. Now, price is challenging resistance and looking to make a new higher intermediate high. With GoNoGo Oscillator in positive territory we know that momentum is positive, confirming the new Go" trend.  As the oscillator moves toward overbought territory we see volume is heavy signaling strong market participation.