$GLD entered a new “Go” trend at the end of February.
Very quickly we saw price race to new highs over the span of just about a week. GoNoGo Oscillator at the same time rallied into overbought territory and so it was clear there was strong market enthusiasm behind this fresh move higher. As investors digested gains and price consolidated sideways, GoNoGo Oscillator fell to the zero line. We know that in a “Go” healthy trend, it is important for the GoNoGo Oscillator to stay at or above zero, confirming the underlying “Go” trend in price. Having once found support at that level, GoNoGo Oscillator is again back to test the zero line from above. It will be important for the oscillator to rally back into positive territory this time. If it does, then we can say that momentum is resurgent in the direction of the “Go” trend, and we will look for price to break out of the sideways channel it is in and set new higher highs.
