GLD 10US$

GLD 10US$: the counter hasn't broken out of its medium term downtrend, and the recent hook down in share price from last wk suggests that buyers should remain cautious. Nevertheless, there are signs that the technicals could be improving, eg. rising RSI and MACD indicators. We suggest adopting a wait-and-see approach until one of the following scenarios to materializes, i) Watch for a successful breakout above US$156.25 resistance, which could clear the way for a test of US$158 (50day MA ) as the counter seeks to cover the Feb gap down, or ii) Watch for a pullback toward US$152 support, in conjuction with oversold Stochastics. This would provide a lower risk entry point for a rebound play.