SPDR Gold Trust (GLD) – 6 Month Weekly Chart

I charted the past six months of weekly price movement for the SPDR Gold Trust (GLD) before the markets opened on May 22, 2009.  It closed at $93.85 on the 21st. 

• GLD moved above its 10 and 20 week moving averages and then used them as support
• GLD moved above the prior resistance of its trend line of higher highs

Opinion = The line I drew around $95.00 was a prior intraday low and then an intraday high a few weeks later.  That’s the line to watch for me. (I’m putting in a trade alert to let me know if it trades above $95.00.)  With momentum still moving in favor of the Gold bulls, GLD could remain on its upward trajectory for weeks to come, but I’m waiting until it crosses $95.00.