Gold ETF (GLD) Still in a Descending Channel on Weekly Chart

The weekly closing price chart below shows that GLD essentially broke up out of one descending channel and back into another.

GLD has a little ground to cover before testing resistance posed by the second channel.

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The author/publisher ihas no position in Gold at the time this article was written.

Base Chart Provided Courtesy of StockCharts.com.  Analysis and Annotation by JunkBond Recycling.com (all rights reserved)