SPDR Gold Trust Flirts With Multi-Year Lows And Rebounds, For Now

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.SPDR Gold Trust (ARCX: GLD) shares are trading lower $0.33 at $110.48 by in Tuesday's session. After laboring just above it's multi-year low ($109.67), it posted a retest of that crucial level earlier in today's session, but found support just ahead of it a $109.77.In the last four trading sessions, the issue had been attempting to form a bottom at the $110.35 level, with five consecutive lows between $110.16 and $110.51. However, in today's session after a sharply lower open (Monday's close of $110.81 vs. Tuesday's open $109.92), it continued lower until finding buyers just ahead of is major support level. When momentum traders on the short-side did not get the break down, they began scrambling to cover. Since making its low, it has rallied and found resistance just above a very important resistance level.Over the past four trading sessions, the issue had resistance in a very narrow range, between ($111.20 and $111,28). The sharp intraday rally found sellers just above the major level, reaching $111.35 before falling firmly back under $111,00.