Here's a "zoomed out" view of the Gold ETF on a Weekly basis. It continues to be supported by the 50-Week Moving Average.It's clearly been in a sideways, non-trending move for the past three months. The RSI is flat-lining at the 50 level.
Volume has been gradually dropping off since early August. That's usually a bullish sign in a sideways market, but volumes on the Gold ETF are not particularly high at the best of times, so I wouldn't put too much faith in that analysis.
While the Gold ETF remains above the 50-Week Moving Average, the probabilities slightly favour a move up.
But this can go either way.
Patience.
Cheers
Red
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