GLD - Getting There!

Oct 29, 2020

GLD is groping for a short term bottom here after getting whacked for $6 over the last week. GLD hit its highs almost three full months ago and is down right at 10% from $195 to $175. RSI on almost every time frame except longer term, 3D, 7D and monthly, looks ready to move higher, however, I wouldn't discount a move lower with all the inviting FIB levels going down to $170 or so. Macro back drop looks very favorable for precious metals and election results should bring a relief rally. Miners were up today despite GLD and SLV being down. Watch this area and support levels closely as it should provide a good entry point for the next leg up!