This morning, my audio alert notified me that the gold ETF (GLD) has pulled back to the upper resistance line of the downward broadening price pattern.
Gold ETF (GLD) – Weekly Chart
The broadening price pattern is actually downward sloping, so if price is actually starting to trend in the opposite direction, it needs to break out of that downward sloping upper resistance line. You can see that it did that back in mid-August, and the question is now whether price is just pulling back to retest that break-out.
Gold ETF (GLD) – Daily Chart
The daily chart’s indicators show no real positive divergences on the price pull-back to the upper trend line. No sign of the pull-back ending right here right now. My blog posting back on September 8th calling for an interim low in the US$ and therefore a likely top in US$ priced gold was pretty bang on.
Gold ETF (GLD) – 195 Minute Chart
The 195-min chart is also clearly in a trend-lower condition right here.
US $ ETF (UUP) – Daily Chart
The daily ATR resistance level was taken out on September 26th … continued strength in the US$ here in early Q4 is likely to imply that gold is not likely to reverse its downward trend anytime soon.
Cheers … Leaf_West