themarketzone

Testing Weekly Resistance Zone

AMEX:GLD   SPDR GOLD TRUST
$GLD spiked up after Brexit news from the 120$ support zone (structure and trend line support).
Now, $GLD is facing a weekly resistance zone that includes the top of a trading channel, the 200 weeks MA line and structure zone.
The key element is the 200 weeks MA line and where will Gold's price close relative to it (weekly close).
For longer term position holders, Stop loss should be above 130$ - Despite the wide stop loss, you still get almost 2:1 for your risk.

Tomer, The MarketZone
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