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streetTRACKS Gold Shares (GLD) |
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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 -2.72 points, or -1.48%, and closed at 180.92 on Friday, May 26, 2023. Weekly volume was -7% below average.
 Long-term trend: [See GLD long-term trend chart]
A long-term downtrend had started on March 8, 2022 at 193.30 and reached 150.57 on November 3, 2022. GLD lost 42.73 points, or 22.11%, in 34 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 183.03 and resistance is at 177.64. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.
 Medium-term trend: [See GLD medium-term trend chart]
A medium-term uptrend had started on November 3, 2022 at 150.57 and reached 191.36 on May 4, 2023. GLD gained -40.79 points, or -27.09%, in 26 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Weekly Technical Indicators: [See GLD weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since November 4, 2022. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 24, 2023 at 168.19 and reached 191.36 on May 4, 2023. GLD gained -23.17 points, or -13.78%, in 69 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (192.85) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. GLD may retest the broken support line. It is considered to be a resistance line now. 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 support in a short-term trend.
 Daily Technical Indicators: [See GLD daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. 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 and Williams' Percentage Range help.
The daily MACD line is below its signal line since May 10, 2023.
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