TomNewYork

GLD Large Fib Pattern says possible bottom

BATS:GLD   SPDR GOLD TRUST
790 3 2
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.
What are your thoughts with the new low in GLD? 132 certain broke through the 151 support.
Reply
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.
Reply
Yep missed this recent run.

usually get a second chance
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out