SPDR Gold Shares (GLD) – The Gold and the Beautiful – April 14th, 2020

S&P 500 Market Outlook: Mildly Bullish

Bullish Trade: GLD $161.41

The bullish DailyPlay for Tuesday, April 14th is SPDR Gold Shares (GLD). GLD has been steadily rising as the stimulus package and low-interest rates fuel demand.

Fundamental View

  • Gold has reached a seven-year high
  • Massive filings for jobless benefits and steps by the Federal Reserve to uplift the economy has bolstered demand for metals
  • The prospect of low borrowing costs is fueling demand for bullion

Technical View

  • GLD has been in a strong 1M and 6M bullish trend for the majority of 2020
  • With support around $147 and the prospect of easier monetary policy, GLD has the potential to continue higher
  • Strong relative strength score (9 out of 10)
 
 

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