Chart of the Day - Wednesday, September 14th, 2022
September 14, 2022
Today’s Chart of the Day was shared by Brian G (@alphacharts). It's a weekly line chart of the Gold ETF, $GLD, over the past six years. Gold has not lived up to its reputation as an inflation hedge at all. Inflation is running hotter than it has in decades and yet $GLD is down -7% YTD, and it's at the same level it was pre-Covid. Despite its lackluster performance, it's at an interesting level to start placing bets...long or short. $157 has acted as support numerous times over the past two years. For futures traders, that level is around $1,675.Will support continue to hold?