Gold ETF (GLD): Narrowing Price Pattern Indicates Bigger Move Coming

Not even rising inflation, a debt ceiling fight, nor a raging war overseas seems to move gold prices.

But either way, when looking at the SPDR Gold ETF (GLD), it’s clear that price is nearing a big move.

The giveaway is in the price pattern. Price has been narrowing over the past 4+ months, displaying an uncertain psychology. Andy when it breaks, it should break with conviction.

Note that the following MarketSmith charts are built with Investors Business Daily’s product suite.

Sign up for our FREE newsletter
and receive our best trading ideas and research

I am an Investors Business Daily (IBD) partner and promote the use of their products. The entire platform offers a good mix of tools, education, and technical and fundamental data.

$GLD Gold ETF Chart

Here we can see that narrowing pattern. Price is trading heavy so it may break lower. But it’s always wise to wait for the break.

gld gold etf trading price narrowing squeeze chart september

Twitter: @andrewnyquist

The author may have a position in 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.