Gold ETF (GLD) Breaks Below Head and Shoulders Pattern on Daily Chart

In the main portion of the chart, GLD is trending down within a falling channel pattern. 

Within this channel an apparent head and shoulders pattern has broken below its support line, and the 15/35 ema lines show a bearish cross-over and are establishing a new downward trend. 

In addition, in the upper portions of the chart, the MACD shows a bearish crossover and the RSI may be heading back below 40.

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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.

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