Gold & metal bull-run about to commence? SPDR GLD Trust Analysis
It looks to me like there is a clear fractal format of the post-2020 gold market on the SPDR GLD etf chart.
Form 1 shows a very large bull-flag type form which resolved beginning of 2021 with a roughly 13% upmove.
This has regressed into a smaller fractal copy (about 25% smaller) of this form from Q1 2021 to present day which appears to be resolving down to S1 which sits at about $156.
If we are looking at another 13% pump, then this wil leasily breach the post-2020 downchannel over the course of Q4 2021.
Significantly, this should decisively take-back the 100dma.
If the channel breaches to the upside then I strongly suggest $178 will be within striking distance and could be the next significant resistance to be tested and possibly breached.
After that, the peak of the GLD bull market resistance lives at $194.
As a short-to-medium term outlook, I expect another $5-$10 worth of downside (which would take the market into definitive oversold conditions on the 2h RSI) .
Entry should be taken as clost to $156 as possible and from there if the flag resolves as expected we should look for a Q4 bull run in gold with $178 being first (moderate) target and more aggressively bullish traders can target $194.
Between 15-30% up for grabs over the next few months if this fractal flag pattern resolves as expected either way.
As a final note, I expect this movement to be replicated in non-paper $/oz gold as well along with possibly silver and other "safety run" assets.
Form 1 shows a very large bull-flag type form which resolved beginning of 2021 with a roughly 13% upmove.
This has regressed into a smaller fractal copy (about 25% smaller) of this form from Q1 2021 to present day which appears to be resolving down to S1 which sits at about $156.
If we are looking at another 13% pump, then this wil leasily breach the post-2020 downchannel over the course of Q4 2021.
Significantly, this should decisively take-back the 100dma.
If the channel breaches to the upside then I strongly suggest $178 will be within striking distance and could be the next significant resistance to be tested and possibly breached.
After that, the peak of the GLD bull market resistance lives at $194.
As a short-to-medium term outlook, I expect another $5-$10 worth of downside (which would take the market into definitive oversold conditions on the 2h RSI) .
Entry should be taken as clost to $156 as possible and from there if the flag resolves as expected we should look for a Q4 bull run in gold with $178 being first (moderate) target and more aggressively bullish traders can target $194.
Between 15-30% up for grabs over the next few months if this fractal flag pattern resolves as expected either way.
As a final note, I expect this movement to be replicated in non-paper $/oz gold as well along with possibly silver and other "safety run" assets.