$GLD Weekly Outlook

108
GLD — Weekly

Down 1.97% to 398.77. But look at how it fell: volume at 123% of average, range at only 57% of normal, closing off the low.

Heavy volume that produces almost no movement is absorption. A lot of stock changed hands and price barely moved — someone is taking the selling.

This is the second Test sitting right on the weekly 34/50 cloud (ripster47 EMA cloud). So far it's holding.

The line is 395.51 — weekly 34/50 and the Stopping Volume low together.

Weekly close above 400.35 and the absorption wins: 407, then 415, then 422.
Weekly close below 395.51 and it flips: 390, 385, 380.

Neutral until one of those prints. 400 is the pivot.

One caution — absorption only counts if price eventually lifts on it. Another heavy week with no progress and the buyers here get run over.

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