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Lots of Noise in GOLD and GLD Chart Pattern


Earlier in the week, SPDR Gold Shares (GLD) climbed above near-term Apr-May resistance at 125.60.

It then followed-through to a high print of 126.60 on the way to a measured potential upside target of 129.00, but reversed in its tracks, leaving a near-term false breakout (blue circle on chart below) instead.

The weakness from 126.60 to today's low print (so far) at 124.00 likely represents a traverse of the basing area above the 123.20-122.40 support zone.

As long as the above-mentioned support zone contains any further weakness, all recent and current weakness is noise within a larger and eventually bullish-base formation.

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