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Gold’s key enemy that has kept if from moving higher over the last 18 months is? A lack of buyers at the top of its sideways trading channel, nothing fancier than that!
Each time it hits the top of channel (A), buyers seem to disappear. GLD is facing a falling channel and a bearish rising wedge at (1) in the chart above.
For GLD to return back to the $175 level and rally 7% higher it needs to… find enough buyers to push it past resistance at (1). If enough buyers can step forward and create a breakout, I would want to own it up to resistance line (A).