SPDR® Gold Shares (NYSE ARCA: GLD) for Wednesday, 6/8/2016

gld 20160607d

Chart #1  (above, daily)  SPDR® Gold Shares (NYSE ARCA: GLD)  $118.82  -0.10 (-0.08%)

The SPDR® Gold Shares (NYSE ARCA: GLD) is bumping its highs against the 50 day simple moving average (sma50) which is resistance.   Ms. J. Yellen has made it clear a FED Funds  interest rate increase is coming … just not when.   The FOMC meets next week, June 14-15,  and the markets will get a meeting associated with a Summary of Economic Projections and a press conference by the Fed Chairperson  Ms. J. Yellen.  If there is no increase in June,  it is likely there will be no increase in July.   Now, Mr. & Ms. Fickle Markets could get a surprise increase in August despite there not being a scheduled August FOMC meeting.   IMHO, the FED needs the rest of the global Central Banks to conclude zero, and negative, interest rates are not working and collectively raise rates 0.25 basis points, and collectively pause 2 – 3 months to see if raising rates inspires consumer confidence into spending.   That collective Central Bank action plan would neutralize strengthening the US dollar, or any other currency, on a rate increase alone.

Also, as to what I fondly call the “CLAW” chart formation, wherein the Resistances (r2, r1) point down to the Pivot Point, AND the Supports (s1, s2) point up, as seen in the above chart on 6/2/2016, bracketed by arrows … well  you can see more of that in the GLD link below … and then you can check how GLD is performing today.   winking smiley

See also:

SPDR® Gold Shares (NYSE ARCA: GLD) for Monday 6/6/2016

Index Support and Resistance for Wednesday, 6/8/2016

 

Additional info,  may be inserted here …

    

—–  Monday, 6/6/2016   thru Friday 6/10/2016  ——-

 

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    It’s Black Friday for OPEC

 

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Hope the above Index Support and Resistance calculations for Wednesday, 6/8/2016 help your investing and trading planning today …

 

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