themarketzone
Long

Daily double bottom in addition to Weekly bullish harmonics

AMEX:GLD   SPDR GOLD TRUST
Following the Fed's decision and the Dollar's rally that was the result of the rate hike decision, $GLD declined again towards the 100$ support zone . The 100$ support zone in $GLD) is a critical weekly support zone for my Weekly Setup in Gold             – Weekly AB=CD pattern – and indeed what we got is another bounce from that level that created a daily double bottom with bullish divergence in the RSI .

The price is still below the Fast SMA line and it needs to overcome this minor resistance zone in order to continue towards the next resistance element – The bottom of the trading channel and the 50 SMA line, near 104-105$ (first target)

There are still plenty of obstacles for $GLD to overcome before it'll generate a strong longer term bullish signal, but last week's bounce from the 100$ support zone and a positive development in what can be a longer term trading opportunity that will continue into 2016 and offers great R/R

Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
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Trade closed: target reached
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