Chart of the Day - Thursday, December 5th, 2019

Today’s Chart of the Day was shared on Twitter by Brian Shannon (@alphatrends). It's a daily candlestick chart of the popular Gold ETF, $GLD. Brian points out that $GLD found buyers at a confluence of two key support levels; the 38.2% Fibonacci retracement of the April-August rally and the VWAP anchored to the April low. This VWAP represents the average price buyers and sellers transacted at since the April low. The ETF is up about 2% from this support level. However, Brian warns the bulls that there's a decent amount of overhead supply around $141 that could prove to be a speed bump for $GLD. Bulls and bears could both end up disappointed in the short term if price continues to move sideways between these levels of support and resistance.