Stocks Traders Daily Says Gold ETF (GLD) has More Room to Fall

December 08, 2023, 14:13 pm ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Stock Traders Daily notes that the Gold ETF (GLD) has recently tested its longer term resistance level and itt appears headed towards longer term support.  Additional declines appear likely.  Short signals occurred when the ETF was testing resistance.  Add GLD to your My Stocks Page at Stock Traders Daily to get real time updates.

Longer Term Trading Plans for GLD

• Buy GLD slightly over 183.21 target 190.61 stop loss @ 182.68 Details

The technical summary data tells us to buy GLD near 183.21 with an upside target of 190.61. This data also tells us to set a stop loss @ 182.68 to protect against excessive loss in case the stock begins to move against the trade. 183.21 is the first level of support below 185.425 , and by rule, any test of support is a buy signal. In this case, support 183.21 is being tested, a buy signal would exist.

• Short GLD slightly under 190.61, target 183.21, stop loss @ 191.16 Details

The technical summary data is suggesting a short of GLD as it gets near 190.61 with a downside target of 183.21. We should have a stop loss in place at 191.16though. 190.61 is the first level of resistance above 185.425, and by rule, any test of resistance is a short signal. In this case, if resistance 190.61 is being tested, a short signal would exist.

Swing Trading Plans for GLD

• Buy GLD slightly over 187.62, target 190.61, Stop Loss @ 187.08 Details

If 187.62 begins to break higher, the technical summary data tells us to buy GLD just slightly over 187.62, with an upside target of 190.61. The data also tells us to set a stop loss @ 187.08 in case the stock turns against the trade. 187.62 is the first level of resistance above 185.425, and by rule, any break above resistance is a buy signal. In this case, 187.62, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short GLD slightly near 187.62, target 183.21, Stop Loss @ 188.16. Details

The technical summary data is suggesting a short of GLD if it tests 187.62 with a downside target of 183.21. We should have a stop loss in place at 188.16 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 187.62, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for GLD

• Buy GLD slightly over 185.79, target 187.62, Stop Loss @ 185.36 Details

If 185.79 begins to break higher, the technical summary data tells us to buy GLD just slightly over 185.79, with an upside target of 187.62. The data also tells us to set a stop loss @ 185.36 in case the stock turns against the trade. 185.79 is the first level of resistance above 185.425, and by rule, any break above resistance is a buy signal. In this case, 185.79, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short GLD slightly near 185.79, target 183.21, Stop Loss @ 186.22. Details

The technical summary data is suggesting a short of GLD if it tests 185.79 with a downside target of 183.21. We should have a stop loss in place at 186.22 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 185.79, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

GLD Ratings for December 08:

Term →	Near	Mid	Long
Rating	Neutral	Strong	Neutral
P1	0	0	176.14
P2	185.79	187.62	183.21
P3	188.31	191.24	190.61

Support and Resistance Plot Chart for GLD

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