Daily double bottom in addition to Weekly bullish harmonics

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
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Trade closed: target reached