Wedge Breakout In Gold

The long-term trend remains down for the Gold SPDR (GLD), but the ETF got a wedge breakout over the last two days and surged to the upper trend line of a rising channel. I would not call this resistance, but it does represent a sort of short-term overbought area. The wedge low marks key support at 114. The indicator window shows the Silver ETF (SLV) also getting a breakout with the surge above 16.

GLD_10_december_2014

 

By: StockCharts.com

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