SPDR Gold (technical)

SPDR Gold : UOBK has a Technical SELL with +13.1% potential return Resistance: US$135.00 Support: US$110.20 UOBK has a SELL with TP US$110.20 with tight stops placed above US$131.00. The ETF is likely to trend lower as prices appear to break below its bearish pennant and has been resisted by its mid Bollinger band. MACD indicator has formed a bearish crossover below its centreline. RSI indicator has turned down below a reading of 50. Watch to see whether the ETF continues to be resisted by its declining 15- and 35-day moving averages