GLD weekly chart with Oscillator

This weekly GLD chart (top) is displayed with an Oscillator (bottom)
As GLD descended from its top the oscillator produced lower tops indicating that GLD was probably not going to turn around and go up with any conviction
Once the down trend in the oscillator was broken to the upside GLD had a chance to try and change its trend from down to up
With the oscillator now in an oversold area it is possible that GLD may make another attempt to move to the upside
Any such move should be confirmed using additional trading tools

Past performance is not indicative of future results.