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Last week GLD, the SPDR® Gold Shares Trust, closed right at its middle regression channel line after a three week move upward. Despite a break in resistance for the Relative Strength Comparison [RSC] with SPY, GLD still has overhead resistance at the 40 level for the Relative Strength Index [RSI].

Figure 1 provides the weekly chart for GLD as of Tuesday’s close with the three referenced technical tools and indicators.

Figure 1 GLD Weekly Chart with Regression Channel, RSI & RSC [as of Tuesday 7/30/13]

Using the 20-60 and 40-80 ranges for RSI comes from the work of Andrew Cardwell, a leading expert for the indicator. The two ranges represent bearish and bullish conditions for RSI and serves as a good subjective reminder of “what is” for the current... [Read More]

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