themarketzone

Heading towards strong resistance zone - Bearish harmonics

AMEX:GLD   SPDR GOLD TRUST
Gold's rally, started near 104 with the completion of the bullish Crab pattern, is about to reach Targets 2&3.
The zone between 112$ and 114$ is a strong resistance zone that $GLD will have to face if it intends to breakout higher and continue its correction wave.
As long as $GLD is below 114$, I focus on the bearish side and the 112$ - 114$ zone presents very good shorting opportunity with appealing R/R

The bearish elements:
- Target levels of bullish Crab (profit taking)
- Completion of two bearish patterns ( Gartley and Butterfly )
- The 200 SMA line
- Downtrend line
- Structure

Potential targets are 110$ and 108$.

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Comment: $GLD inside sell zone
Similar view, can rally pretty hard to these targets:

snapshot

Not taking the long side meanwhile?
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IvanLabrie PRO IvanLabrie
snapshot


That should work.
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I've kept small position open. Took majority out when it reached 110
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IvanLabrie PRO themarketzone
Check this thing out:
Dollar adjusted Gold: In depth time at mode analysis
Reply
Interesting... you got to use a bigger font :)
+2 Reply
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