Daily double bottom in addition to Weekly bullish harmonics

a year ago
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
To read more interesting technical reviews for the week

To subscribe to the newsletters -
Follow my blog -
Subscribe to my Youtube channel -
a year ago
Trade closed: target reached
Weekly Newsletter -

Tomer J,
The Market Zone - You trading Edge
Visit my website -
Blog -
Youtube -
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out