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Danny Naz: GLD loses support levels as downside risks increase
Danny Naz notes that gold ETF GLD is starting to lose its technical structure. The price has already fallen below the 50% Fibonacci retracement and swing-low AVWAP, prompting concern about continued weakness if buyers do not step in quickly.
Danny Naz is watching downside levels of 380 and 367 and points out that if GLD does not reclaim 405, the asset is likely to remain under pressure.
Naz has recently tracked broader market strength, highlighting firm trends in major equity ETFs including SPY, QQQ, and IWM in a monthly technical recap. He has also reported on options activity, noting that TSLA June 5 435C call options moved into the money after hours. These recent observations mark a contrast to the current focus on weakness in GLD.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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