nmike
Short

GLD (gold) weekly - update

BATS:GLD   SPDR GOLD SHARES
775 17 5
Last week GLD             found support at a key pivot level and so far this week we have a nice GREEN candle forming.The near term targets are the top of current red down channel and or the bottom of clone red channel. IF GLD             can get back inside the green channel it is likely that GOLD             will resume it's long term uptrend. For the time being I still consider GLD             bearish since it's still in a short term down trend and below the 100MA.
nmike MOD
3 years ago
....heavy damage this week, 2 boundaries broken, currently at channel support
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is that it? usually monthly 40 SMA marks the bottom
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Did you see fibqueen's GLD video?
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nmike MOD
3 years ago
...holy molly.....today GLD broke 3 support points, all in one day...wow.. We have to add another CLONE. https://www.tradingview.com/e/YKyoNpCp/
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nmike MOD
3 years ago
>>>>> if doesn't hold hammer support next target could very well be the bottom of current channel
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nmike MOD
3 years ago
....no sign of a bottom
snapshot
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Maybe will open up with a tweezer b bottom this week, followed by a quick move to the .382 fib line.
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littleriver nmike
3 years ago
I wondered how the daily looked thru your eyes. Any signs there?
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QuantitativeExhaustion PRO littleriver
3 years ago
getting ready for the next fast plunge
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littleriver QuantitativeExhaustion
3 years ago
@JR Perhaps your right but the next plunge will not be so easy.
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QuantitativeExhaustion PRO littleriver
3 years ago
it's one of those real quick ones. Much like silver did a few days ago for a long tweezer bottom.
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littleriver QuantitativeExhaustion
3 years ago
I see now what you mean . Thank you for the chart and explanation. A possibility I had not considered.
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nmike MOD littleriver
3 years ago
@ littleriver, judging by the monthly chart GLD is likely to break the reference box to down side
snapshot
or we could get a triple bottom, ......... I really like that name " little river"
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littleriver nmike
3 years ago
@nmike Thank you for the chart and analysis. I am leaning towards the latter. As for the name, I too like it. It is the name of a local river here in East TN . After spending most of my life in and around this mountain river, I sort of adopted the name.
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nmike MOD littleriver
3 years ago
@littleriver, that's great, I'm a nature lover, sounds like you are too, funny thing is NATURE ends up embedded in all those charts in Fibs. & fractals :D
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littleriver nmike
3 years ago
Indeed on both counts, I am only beginning to see the natural beauty of the chart formations. But little by little it is coming into view.
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snapshot


Short term near bearish... next week bullish
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