16 July 2015

You can’t draw horizontal lines on a GLD chart

In the case of GLD (and pretty much all metal ETFs) drawing horizontal trend lines, support and resistance levels, Fibonacci levels and so on can be misleading as the gold backing each share declines over time. I've never seen any technical analyst mention this when they do draw lines on GLD's chart. http://research.perthmint.com.au/2015/07/16/you-cant-draw-horizontal-lines-on-a-gld-chart/

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