MagicPoopCannon

While Crypto Suffers, Gold is Super Ultra Mega Bullish! (GLD)

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
Did I mention that I'm uber ultra mega bullish on gold? This market is positioned to EXPLODE higher! Welcome friends, to this update analysis on the GLD — the ETF that tracks the gold market! Let's get right to it.

Looking at the weekly GLD chart, you can see that after gold produced it's all time high in 2011, it entered a bear market that corrected until late 2015. Then, a wide V bottom was formed, and GLD has been rising out of the V ever since. In the most recent months, GLD has been forming a big bull flag , just below the breakout zone, around the 38.2% retrace. The fact that we've formed a bull flag just below that level, signals that gold is ready to blast off, and as of today, the bull flag is beginning to break out to the upside. We are now within striking distance of the breakout zone on the GLD chart, and it makes perfect sense, since there is growing pressure in the equity markets. Traders are moving into the safe haven, as the volatility and fear begin to increase in the equity markets.

I want to draw your attention to the blue zone between the 382 and the 236. You can see that on the way up, the price action was rapid, and the move down was even more rapid. What that shows us, is that there isn't much support or resistance in this zone. So if/when the GLD breaks out into that area, it could produce a powerful rally higher, that causes the GLD to surge into the 236. The technical indications show that the gold market has formed a long term bottom, and a breakout above 130.35 should turn the afterburners on. If we do see a breakout above that level, I think that we could eventually get a retest of the all time high.

I don't generally focus too much on fundamentals, but there are fundamental reasons to be bullish on gold right now. Treasury Secretary Mnuchin has recently expressed some hawkish views on the dollar, the yield curve is flattening, and the US equity markets are facing a major correction. Couple those things, with an evident trade war, which we appear to be engaging in, a global debt crisis, and increasing volatility , and you have a recipe for higher gold prices. For now, let's watch this breakout above the bull flag , as we rally up to the breakout zone. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

-JD-
little bit off with this one lol
Reply
this little shit spreading fud and trying to get people to buy gold classic
+1 Reply
mrbrown66 firebus
@firebus, what are you not liking about the GLD chart? Looks like a ripper to me.
Reply
waiting for dxy to put in a new weekly low. may have to wait a couple more months. oil is also flirting with new highs.
Reply
Where to buy/sell/hold GOLD ?
Reply
when equities drop...they will take gold with it...look at 2008 chart
+1 Reply
Legend why do you analyze Gold on this chart not on the regular gold market price now is 1345
+1 Reply
https://www.youtube.com/watch?v=C2EGjhcW-a0 GSR signalling silver strength vs gold.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out