Over the past year and a half, gold has been on the up and up though it was interrupted by the string of volatility from the recent Covid crash across asset classes. In the past few months, the SPDR Gold Trust ETF (GLD) fell 12.5% from its March 9th high to March 19th low, which was followed by an 18.33% rally off that low to its last closing high on April 23rd.
Since its April high, GLD has been consolidating with a set of higher lows and lower highs between roughly $158 and $163. This is a flag pattern that suggests a breakout is coming either to the upside or the downside. For now it’s closer to breaking out to the upside as it tests the top end of the flag’s range. Start a two-week free trial to Bespoke’s premium research platform to access a full range of equity analysis and interactive tools.