Chart of the Day (GOLD) and a Market Update

Michele Schneider
gold price chart gold at 50 percent fibonacci retracement resistance august


The weekly Gold ETF (GLD) chart is at an interesting level – the top of a channel and a 50% retracement to the 2011 high.

Bull markets don’t end at 50% retracements… but will it pause?

Stock Market ETF Levels:

S&P 500 (SPY) Support Friday’s high, 289.33 Resistance at 50-DMA and swing high area, 294.

Russell 2000 (IWM) Support around today’s low, 149 and then at 148 area.Resistance at 200 DMA, 151 then 152.70.

Dow Jones Industrials (DIA) I’d just focus on range low, 254 and range high 264.60.

Nasdaq (QQQ) Support area the gap fill at 186, then184. Needs to clear 189, then the swing high, 189.70.

KRE (Regional Banks) Back under 50.Support around 49.50. Resistance at the range high at 51.70 then 51.50.

SMH (Semiconductors) Support at the gap fill at 110.Resistance at 116, then 120.

IYT (Transportation) Support at pivotal area, 180. Resistance 186 then 191. 

IBB (Biotechnology) Sitting just under the 200 DMA. Support at 104. Looks interesting if it can close over 107.

XRT (Retail) Support at today’s low,38.50, then swing low 37.46. Major resistance around 41.30.

GLD (Gold Trust) Support at 141.70 then 139.35. Resistance at 142.50 area, then swing hit at 144. Big resistance at 148-150.

GDX (Gold Miners) First close over the prior day’s high since the swing high. Support area is 27.65-27.20, then 50 DMA at 26.50. Resistance at 29 then swing high and major weekly resistance around 30. 

SLV (Silver) Support at 15.30 then 15.47. Resistance at 16 then at swing high, 16.15 to 16.30.

USO (US Oil Fund)Sitting right under the 50 and 200 DMA. Support at 11.50 then 11.20. Resistance at 11.93 and 12.20.

TLT (iShares 20+ Year Treasuries)  Support around 143. Resistance around 145 then swing high 148.60.  

UUP (Dollar BullSeems to have found resistance at 26.75. Support 26.50. Swing high is 26.80.

FXE (Euro) Support at 105. Needs to close over 107.40

GBTC (Bitcoin Grayscale Bitcoin Trust) Key levels are 12 and 15.75

MJ (Alternative Harvest ETF) Support at 25 then 23. Resistance at 27.

CANE (Sugar) Support at 6.60.Needs to break 7.

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The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.