GLD has been trending upwards since the 2nd of October 2015, with the buyers leading the price from as low as 1104.83 to as high as 1152.80.
The precious metal broke higher during the course of the day on Tuesday, testing the 1151.03 level. In the event that the buyers exert heavier selling pressures and manage to break above the level of 1152.80, the pair could reach 1156.53 and 1165.24 respectively.
In the opposite scenario, though, where the price finds the 1152.80 level to be too resistive and pulls back below the 1134.70 level, the metal could decelerate to 1130.53 and 1122.93 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.