SPDR Gold Shares are powering higher. What’s fueling GLD momentum?
Hormuz Deal Progress Eases Inflation and Rate Hike FearsGold is catching a bid as negotiations to reopen the Strait of Hormuz appear to be closing in on a resolution, a development that would reduce the energy supply disruption that has been stoking inflation concerns and keeping Federal Reserve rate hike expectations elevated.The mechanics of a potential deal are taking shape. Iran and Oman are reportedly finalizing an arrangement under which inbound vessels would use an Iranian-coordinated channel while outbound traffic would run through an Omani route, with service fees potentially attached for security and environmental services.GLD’s Chart: Buyers Regain the Wheel, But the Road Still NarrowsTechnically, GLD is showing the early traits of a turnaround. It is trading 4.7% above its 20‑day SMA at $373.29 and 2.1% above its 50‑day SMA at $383.06, a setup that usually signals improving short‑term control by buyers.The moving‑average structure still carries baggage. The 20‑day SMA sits below the 50‑day SMA, and the June death cross remains in place. That combination tends to keep traders cautious, treating strength as tradable until the chart proves it can sustain a broader shift.
