EBCO
Long

Seems like a good time to buy gold

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
Hello Traders,
Daily chart is showing strong bullish divergence and the price action already has started last Friday. I would assume the continuation of this reversal. Even though I don't think we will break the ascending triangle in the next try, it also seems improbable that we will be seeing the Gold prices this low in short-midterm.
Here is the weekly chart:

The breakout from the ascending triangle downwards seems sofar to be a fake breakout because the volume is not confirming the price action.

I buy physical gold for long term and don't have any stop losses for my trade but if you are trading ETF , I'd set 114 as stop loss and sell around 130 if breakout doesn't work.
Happy trading!
I would not set a stop loss n gold higher than 100 for GLD. Gold used in technology alone is $$$$ and they say jewelry is the majority of manufacturing purposes. World Power Reserves are at all time highs and major debt has been accumulated by these world powers.
+1 Reply
G0F1GUR3 G0F1GUR3
@G0F1GUR3, Add to that a trade war is present between two of them, with political issues among one other and the US, and you will see more utilization of own resources.
+1 Reply
EBCO G0F1GUR3
@G0F1GUR3, Thank you for your input. I completely agree with that. I just started accumulating physical Gold and not planning to get out of it before the next financial crisis. That being said, if I was day trading, I wouldn't get into the trade without a stop loss and after 114, next stop seems to be 107.5
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