GLD Very Oversold - Market Analysis for Oct 5th, 2023

GLD weakness needs to hold above the 166.30/50 support zone to avert triggering downside potential closer to 160-162. That said, at the moment GLD is VERY OVERSOLD both on my 4-Hour and Daily Charts, which leads me to an expectation that GLD is nearing a U-Turn to the upside in the upcoming hours from somewhere between 168 and 166.60. A sustained climb above 170 is needed for my work to gain preliminary upside reversal traction... last is 168.40