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IAUF - The Bull Vs. Bear Case For Gold - David Brady (15/08/2019)
iShares Gold Strategy ETF
By David Brady, CFA
Bull Case
Trend
Gold continues to set higher and higher lows on a daily and weekly basis. The trend is clearly up, and until some kind of support is broken, the trend must be respected.
The first such support on a daily basis is at 1488. Then it's 1400, and 1300 below there.
On a weekly basis, we need to go all the way back to critical support at 1267 for a potential change in the overall trend.
Resistance is at the recent high of 1546 and 1588, the 61.8% Fibonacci