On the daily chart GLD is in a volume profile early breakout going above the jagged pruple line
representing the top of the high volume area. Price has been compressing within a
symmetrical triangle and now has broke through the descending resistance trendline portion of
that. What remains to be seen is a retest of that new support line. Of late Bitcoin has ran up
and probably taken with it market cap away from gold. ( see my idea on the Bitcoin to spot
gold ratio) Now that Bitcoin has topped and is retracing capital is freed up to flow into gold
which has been comparitively weaker. I will take a long trade here and exploit the opportunity
in the cycle between gold and Bitcoin.
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Decent price movement today. Stop loss still below break even but not by much. Holding full position.
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GLD has bullish momentum now as seen by the volume and volatility indicators to suggest a push to break the flat top resistance seen on the chart above
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Zoom -in here:
GLD options striking $188 for mid- November up 25% in 24 hours. Full position. Considering an add if there is a dip but do not expect it. Chart pattern is a high tight flag forecasting more bullish momentum. Geopolitics lending support to gold price.
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XAUUSD pivoting down on the London Session expect support at $ 2084
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GLD continues with bullish momentum. Added to call option position with expirations in December ( as in after the elections).
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GLD in an ascending channel is now situated near to the bottom support trend line
making it in a buy zone to add to a position.
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SPOT GOLD compressing in a triangle consolidation on GLD for now awaiting a directional move after that:
What's your price target and risk-reward ratio, and how confidently do you expect to reach it within your projected timeline?
AwesomeAvani
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@BeyondBullishTrades, I am a goldbug for sure. I easily expect a 20% appreciation in price over the remainder of the year. Additionally commodities are rising without an effort due to inflation including the price of gold. Until inflation is stopped or reverse, gold will rise in relative value to any currency including the USD. Call options have paid me well. I roll them forward before expirations to avoid time decay. Gold is also supported by active war conflicts and the Chinese central bank buying to set the possible launch of a gold-backed new currency to challenge the USD perhaps in a coalition with other interested nations including Brazil, India, and others. This is serious buying pressure on gold related stocks.
AwesomeAvani
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@BeyondBullishTrades, arbitrarily my stop loss may be $10 / share and reward 50% at $30 and 50% at $45 although fixed stop losses are not one of my habits.
AwesomeAvani
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@BeyondBullishTrades, Characteristically, I typically have relatively high confidence !