$GLD - Gold Rally Taking a Breather?
After laying dormant for most of 2019, Gold prices (
GLD as a proxy) took off in late May/early June 2019 and have experienced a nice rally since then, rising 7.7% in June 2019 and posting its best monthly gain for the year so far.
However, it appears that the rally may be taking a breather. As of July 5th, prices have remained in the Fibonacci 100 zone($135.55), but have been fighting hard to stay within this level, especially as prices experienced a gap down on the same day.
Further, since peaking on June 25th, the RSI has been falling, showing lower highs and lower lows, indicating that market sentiment is beginning to stall.
Given this turn of events, we expectGLD to fall to $128.94 over the next few weeks.
GLD as a proxy) took off in late May/early June 2019 and have experienced a nice rally since then, rising 7.7% in June 2019 and posting its best monthly gain for the year so far.However, it appears that the rally may be taking a breather. As of July 5th, prices have remained in the Fibonacci 100 zone($135.55), but have been fighting hard to stay within this level, especially as prices experienced a gap down on the same day.
Further, since peaking on June 25th, the RSI has been falling, showing lower highs and lower lows, indicating that market sentiment is beginning to stall.
Given this turn of events, we expect
GLD to fall to $128.94 over the next few weeks.
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