Katie Stockton Sees Gold ETF Hold Above $360 Support as Momentum Improves

Katie Stockton sees a possible rebound taking shape in SPDR Gold Shares (GLD), which has steadied above support near $360 after a bear-market cycle that began at its January peak.

Her chart places the first resistance band at $405 to $410, with the weekly cloud model and 200-day moving average in that zone. Short-term momentum has improved with a new daily MACD buy signal. It followed a brief breakdown below support that failed to confirm, making the move a false breakdown.

If GLD posts further gains, its weekly stochastic indicator is positioned to turn higher from oversold territory. The GLD-to-SPDR S&P 500 ETF Trust (SPY) ratio is also turning higher from support, with its weekly stochastic rebounding from oversold territory. Stockton's analysis treats that relative strength as a risk-off signal favoring gold over U.S. stocks.

The technical outlook differs from Matthew Piggott's view in earlier coverage of gold's pause. Piggott, director of gold and silver at Metals Focus, described the move as consolidation amid competition for investor capital from stocks, cryptocurrencies and other assets.