GLD (gold ETF) continues to test trendline support while GDX (gold miners ETF) continues to show unusual relative strength vs. gold and remains above the stop & only slightly underwater, despite the persistent strength in the $USD & weakness in gold.
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- GLD daily June 1st
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- GLD weekly June 1st
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- GDX daily June 1st
Meanwhile, EUR/USD is testing downtrend line resistance after reversing off the 1.15275ish support level while extremely oversold & with bullish divergences on the RSI. With gold at trendline support and the EUR/USD at trendline resistance, these are importantly levels to watch as they could determine the next major trend in gold: Bullish if GLD holds above the uptrend line & begins to rally, especially if EUR/USD can also break above the downtrend line & rally as well while bearish if GLD prints a solid weekly close below the trendline.
EUR-USD daily June 1st