Is $GLD back on track?

Is $GLD back on track?


May 2023


Alex Cole

Last week we saw $GLD rally off the lows from channel support.

GoNoGo Trend also strengthened, painting strong blue bars in the second half of the week. Confirming that, GoNoGo Oscillator burst back above the zero line on heavy volume.  This, after being in a Max GoNoGo Squeeze shows that momentum is back in the direction of the “Go” trend.  Concurrently, price is back testing prior highs at the top of the channel, and we will watch to see if the fresh burst of momentum is enough to help price make a new higher high.