Gold Chart (GLD) – Facing Hurdles

I charted the gold ETF GLD December 24th around 10:00 am.  GLD has broken through two of its longest trend lines recently and the lower of those lines, the one that was the trend line of higher lows, could become resistance, giving GLD more room to move higher.  GLD has to get past the much shorter and sharper downward facing trend line of lower highs before it can do that.  That’s where GLD sits this morning.  That gives GLD two lines of resistance.  If GLD can get past the sharp trend line of lower highs it only allows GLD to move higher slowly along the trend line that used to be higher lows. 

The 50 day simple moving average (sma) gives extra resistance along the way too.  The 50 day sma is moving higher each day as the old lower levels slip off and new higher levels are added.  It’ll be a slow run for GLD if it follows this line, but gives us something to trade on if GLD can break above it for a few days.