Is Gold Setting up Again, and Market Internals

$GLD

Gold is reapproaching a familiar area of resistance.

For what it’s worth, the GLD 0.00%↑ flashed a MACD buy signal yesterday (which taken independently doesn’t mean much).

And market internals suggest a bit of an exhaustion after the year end run up. Despite making new all-time highs in several indices during January, the new highs - new lows list was actually negative

Could this be a repeat of early 2022?

The $2,000-$2,100 level in gold remains key. If/when it finally breaks through that, I’d expect a fast move up.