TomNewYork

GLD Large Fib Pattern says possible bottom

BATS:GLD   SPDR Gold Trust
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Gold has more work to do but this Fib pattern is saying gold may churn around for several more months and then develop into a buy signal.

Gold takes time to develop big buy signals.

As long as key support of 151 holds then the gold bull is well and alive. If 151 is decisively broken to downside then it opens the door to a much longer pause for the gold market.

The recent break under 151 was not confirmed with volume and was a possible shakeout.

By the way, SLV or Silver also has a similar size Fib Pattern showing similar potential bullish long term signals.

Comments

What are your thoughts with the new low in GLD? 132 certain broke through the 151 support.
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TomNewYork bryanwil
My thoughts are that now it is time to switch to the longer term time frame gold charts. This break of support sends very clear message of valid break of support on volume. It breaks the up trend on the very long term charts. Gold should now be in a long term choppy decline phase somewhere on the order of a total 50% decline from the all time high. The final low in Gold (maybe 1000 or nearby? ) will be the buying opportunity of a lifetime as the bull market is not dead and it would be the low to buy for the run to 5000 plus.
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Yep missed this recent run.

usually get a second chance
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