GLD Pullback from $377.24: Cooling Down After Hitting a New High, $396/$391 Watch
$SPDR Gold Shares(GLD)$ Closed at $377.24 (-6.4%), down 6.5% from the 52-week high of $403.30.
After hitting a high the previous day, the rebound in the US dollar and real interest rates triggered a rapid pullback in gold prices.
The price retreated on heavy volume, with the RSI retreating from its strong zone and the MACD converging at a high level, and the price fell below the $400 level.
If it breaks above $400 in the coming week, we'll continue to target $408-412; otherwise, it will likely fluctuate between $391-396.
Valuation: Commodity ETFs have no P/E ratio.
⚠️ Rapid repricing of the US dollar and real interest rates will dominate short-term volatility.
Be wary of secondary downward pressure after a false breakout.
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