This trade idea goes hand in hand with my previous trade idea of the stock market. Technical analysis is showing signs that the stock market may be nearing the end of its historic bull run. This chart of gold provides further support for this position. Smart money has started taking a more protective position and this is showing in the chart of gold. The second golden cross is a very strong signal that there will be a continuation of strength that could last years. My recommended trade on this ETF would be to buy into a break of the previous peak at $30 for a target of $50-$60.
Comment:
Buy has been triggered on gold.
Trade active:
Position remains open with gold marching towards our target.