Friday’s ETF Chart To Watch: GLD Flirting With Key Support Level

Bearish pressures stuck around on Wall Street as the lack of resolution on Capitol Hill prompted investors to remain on the sidelines during the third day of the U.S. government shutdown. Economic data releases were mixed on the day, though investors paid little attention to these reports; weekly jobless claims were better-than-expected while ISM non-manufacturing came in short of analysts’ estimates [see The Biggest Technical Glitches On Wall Street]. Our chart to watch for today is the State Street SPDR Gold Trust , which will look to rebound off a key support level and potentially take on “safe haven” appeal amid all of the political uncertainty on Wall Street. Chart Analysis Consider GLD’s one-year daily performance chart below. This ETF has been struggling to resume its longer-term uptrend ever since falling below its 200-day moving average in February of this year. Fundamental factors, namely improving growth prospects, have taken their toll [...] Click here to read the original article on ETFdb.com. Related Posts: Picture Edition: Major Asset Class Returns From The 2009 Bottom Think You’re An ETF Expert? The Complete History of the GLD 7 Articles ETF Investors Must Read: 8/9 Friday’s ETF Chart To Watch: GLD Rebound In Danger Ahead Of Unemployment Data