Chart of the Day - Friday, January 31st, 2020
January 31, 2020
Today’s Chart of the Day was shared on Twitter by Dana Lyons (@JLyonsFundMgmt). It’s a line chart of the Gold ETF, $GLD, since 2011. $GLD and Gold Futures closed at their highest level in over 6-years today. While new highs are certainly not a bearish characteristic, Dana points out that $GLD is running into a level of overhead supply around $149-153. This level acted as support for nearly two years between 2011-2013. As we know, former support tends to act as resistance. This level also represents the 61.8% Fibonacci retracement of the 2011-2015 decline. This confluence of two key resistance levels will likely act as a speedbump for the Gold rally if not a brick wall.