GLD ETF May Have Topped for Now

The gold price may have put in a intermediate term peak for now.  I am not saying this is the final peak by any means, but more of an intermediate term peak as I am seeing a bearish divergence between RSI and the gold price.

Also at issue is the recently discussed US Dollar Index symmetrical triangle and the oversold nature of the US Dollar.  A spike bounce from current levels in the dollar could cause gold to get a minor haircut.

The gold price has been extremely resilient as of late but it would be quite healthy to see it start to consolidate in some type of rectangle or other formation for a pivot point for another rally in the future.

Posted in Gold Market

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