The Fed's rate hike sent GLD below 110$ and now this price zone has turned to resistance.
The nearest is 105-106$
3. The top of a broken weekly pattern
Technically, as long as GLD is above 100$ it presents a opportunity.
Counter trend - Yes!
Risky - Yes!
Speculative - Yes!
However, if we consider the fact that during 2016 GLD broke above a weekly reversal pattern ( ), the current decline can be considered as an aggressive correction wave. That will be true as long as GLD's price remain above 100$.
Gold may present a very interesting opportunity towards 2017. Will we see wave 3 in a new developing trend? Only time will tell.
For now I focus on what I see and 105-106$ is an interesting price zone to monitor during the next few weeks...
If you want to read more and see my latest YouTube video, checkout the link in the signature.
Profit taking zone.
Potential pullback in Gold prices