GLD and SLV: Tactical bullish consolidations

The SPDR Gold Shares ETF (GLD) reached—and briefly exceeded—the 2011–2024 cup-and-handle breakout target at 377 in mid to late October. Since then, GLD has consolidated in a constructive manner, holding above its rising 40-day moving average (now 373.78) and carving out a potential tactical base anchored by the recent lows at 368.52 (11/17) and in the 361.39–360.12 zone from early November and late October.

A decisive move above 388.18 would confirm this developing base and signal the start of a renewed advance, with upside potential beyond the late-October peak at 403.30 toward a measured pattern objective near 416. Until that breakout occurs, the near-term technical outlook remains bullish as long as GLD holds the 377–368 support area defined by the rising daily moving average and the recent chart lows.

Chart 1: SPDR Gold Shares ETF (GLD): Weekly chart

Chart 2: SPDR Gold Shares ETF (GLD): Weekly chart

The iShares Silver Trust ETF (SLV) continues to develop a potential bullish continuation pattern (see our 11/21 Straight from the Chart post for context on silver futures). The near-term setup remains constructive above 45.10–44.52, an area defined by the rising 26- and 40-day moving averages and recent chart support. Within this range, SLV is shaping what appears to be a tactical bullish wedge alongside an emerging cup-and-handle formation.

A breakout above 46.64 would confirm the wedge and increase conviction in the developing cup-and-handle pattern. A sustained move above 48.70–49.25—the handle high and mid-October peak—would complete the cup-and-handle formation and open the door to upside potential toward 55–56. If additional support is needed, the early-November and late-October lows provide a secondary cushion at 42.51–41.70.

Chart 3: iShares Silver Trust (SLV)