Three Reasons to Smile about GLD
- The SPDR Gold Shares ETF (GLD) rallied last week, supported in part by several constructive technical developments on its weekly chart:
- A decisive break above the downtrend line in place from March 2026 (blue)
- A successful test of the 38% retracement of the rally that began in November 2022 (red)
- An a-b-c corrective pattern that satisfied the principle of equality with wave a approximately equal to wave c(green)
➥ Gold GLB Decisive Breakout
- The subsequent advance, accompanied by strong volume, prompted increased call option buying that contributed to a steepening of GLD’s call skew.
- This information is for educative purposes only. If you have any questions or seek clarification please feel free to contact me at info@skmarketisghts.com.
Sowmi Krishnamurthy Ph. D., CMT
SK Market Insights Ltd
August 8, 2026
