Is Gold ETF (GLD) Looking To Breakout of Falling Channel/Megaphone? (weekly chart) - UPDATE 2/5/16

UPDATE 2/5/16:

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As shown on the weekly chart above, GLD has broken up and out of the falling channel/megaphone pattern and has also broken above RSI resistance.

Look for GLD to test former resistance as support?




ORIGINAL POST:

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If GLD can at least keep treading water above support (green line) it can break out of the falling channel (megaphone?) pattern (blue lines).  

Keep in mind this is a weekly closing price chart.  A mid-week break above this line does not prove anything until the week is over.



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The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers  for junkbondrecycling.com in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.

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The author/publisher has no position in Gold at the time this article was written. This position may change depending on future price action.

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