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- 4/26/2024 -
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streetTRACKS Gold Shares (GLD) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the streetTRACKS Gold Shares (GLD). During the week, the GLD dropped -4.41 points, or -2.00%, and closed at 216.62 on Friday, April 26, 2024. It was the worst weekly loss since December 8, 2023. Weekly volume was 17% above average.
 Long-term trend: [See GLD long-term trend chart]
A long-term uptrend had started on December 17, 2015 at 100.23 and reached 225.09 on April 12, 2024. GLD gained -124.86 points, or -124.57%, in 434 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 161.33 and resistance is at 252.03. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See GLD medium-term trend chart]
A medium-term uptrend had started on October 5, 2023 at 168.30 and reached 225.09 on April 12, 2024. GLD gained -56.79 points, or -33.74%, in 27 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (189.11) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See GLD weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since March 1, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.
 Short-term trend: [See GLD short-term trend chart]
A short-term uptrend had started on February 14, 2024 at 183.78 and reached 225.09 on April 12, 2024. GLD gained -41.31 points, or -22.48%, in 58 days. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend support (216.74) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a short-term trend.
 Daily Technical Indicators: [See GLD daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
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