Here's My View on The Current State of The Gold Market! (GLD)

What's up friends!? Welcome to this update analysis on gold, via the GLD ETF! Let's get down to business! Looking at the weekly chart, you can see that the GLD has fallen a bit, over the past few weeks, but it still remains inside of the bull flag that I covered in previous analyses. As you can see the 50 EMA (in orange) is converging with the bottom of the bull flag, and that appears to have provided enough support on the bottom of the flag, to produce a bounce. Now that GLD is beginning to move higher, it's starting to run into the bottom of the previous congestion that accounts for the majority of the flag body. If the GLD can continue to push up through there, I think we are very likely to revisit the top of the flag in the coming weeks. Personally, I am a buyer at these levels, because I do believe that the downside is very limited, particularly by the 50 and 200 EMA, and the extremely supportive V bottom. With that said, my prior analyses still hold true. I believe that sometime this year, we will see a breakout above the bull flag, and into the green breakout zone for the V bottom. With that said, you have to keep in mind that this is a weekly chart, so the outlook could take a longer period of time to materialize. 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-