AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
48 views
2
48 0
Currently, GLD is in an consolidation channel. I believe it will remain in this channel as the SPY continues to test the all-time highs.

My plan is to set a limit order for 117.80 with a stop at 115.91. I believe that the SPY has some more room to rally which will get us triggered into this trade as GLD pulls back.

The SPY is also in a channel and has been sprinting in the opposite direction whenever it hits support or resistance of that channel. That fact + the fact that GLD is consolidating = confidence to believe GLD blows past resistance and hits the target for a gain of 6:1.

****For a a safer and less aggressive trade you can move your stop down to 114.77. This would provide more relief from an SPY rally and possible prevent the trade from being stopped out if SPY has a false break out above the all time high.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out