nmike
Short

GLD (gold) weekly - update

BATS:GLD   SPDR GOLD TRUST GOLD SHARES NPV
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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.
....no sign of a bottom
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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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I wondered how the daily looked thru your eyes. Any signs there?
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getting ready for the next fast plunge
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littleriver QuantitativeExhaustion
@JR Perhaps your right but the next plunge will not be so easy.
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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
I see now what you mean . Thank you for the chart and explanation. A possibility I had not considered.
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nmike littleriver
@ littleriver, judging by the monthly chart GLD is likely to break the reference box to down side or we could get a triple bottom, ......... I really like that name " little river"
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@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 littleriver
@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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