There is a GLD thread To me it looks like it’s gonna pause, But maybe just going sideways, I wouldn’t get short on it. Not the most interesting play. I mean … do have 200% conviction ? If yes then why not … otherwise … Nope. Still above rising 10, 50 & 200 sma.
I think Gold has become a proxy for Trump's obsession with tariffs. More tariffs == higher Gold. I believe fundamentally the Central Bankers are buying it as a hedge against the USD. I think if Trump abandons his tariff strategy Gold could collapse short-term.
Here's is today's June GC futures movement. Went lower when traders thought it was good news and then went higher as Trump's high tariff talk continued.