FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

February 15 Chart of the Day - GLD

Precision oriented price action technical analysis by far provides the best edges and most setups for traders across the markets so that's what we use for the basis of our reviews.

SPDR Gold Shares (GLD) is part of the SPDR family of exchange-traded funds managed and marketed by State Street Global Advisors.

One might think that it tracks the price of Gold and to a certain degree it does less management fees. 

This can be beneficial because for many investors the costs associated with buying GLD shares in the secondary market and the payment of the Trust's ongoing expenses may be lower than the costs associated with buying, storing and insuring physical gold in a traditional allocated gold bullion account.

Currently hovering around $2000 per ounce, "they" say the price of gold should be trading much higher.  Some say $3000 while other say $5000.

We often wonder who "they" are...

Today we'll review GLD from a price action technical analysis perspective.

On the monthly chart we can see that price seemingly has been constrained by its $194.45 all time high (ATH) set back in 2020.

Before that, $185.85 was the ATH mark set way back in 2011.

Price has approached its ATH level three times in the last year or so each time fading back to the downside.

There's plenty of room for price to fall however, it may have its sights set on big round number $200 or above which could formally start a break out that so many gold bugs desire.


Down on the weekly chart we get a better view of the sideways price action the past couple of years.

Additionally, we can see that additional channels within a channel have formed as price cycles up and cycles down on the lower time frames.

Using Fibonacci and trend we've identified potential pull back long levels of interest from which traders and/or investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

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