GLD - Macro HnS Pattern - Looks Bullish and could break out soon
GLD showing macro HnS pattern here on monthly chart that has been forming for several years (13' to 19') and looks to break out of HnS pattern w/ an upside target of 159 on GLD or around 1600 on /GC and looks to complete target by Dec. 19'.
With macro fundamental news going on w/ the possible inverted yields w/ bonds, slowing economic growth in Europe and Asia, a stock market that has increased volatility then all these signs point towards a bullish momentum in GLD forming w/ a possible change in the Intermediate to LT trend to bullish trend as GLD has been in a years long consolidation pattern and looks to break out to the upside soon.
With macro fundamental news going on w/ the possible inverted yields w/ bonds, slowing economic growth in Europe and Asia, a stock market that has increased volatility then all these signs point towards a bullish momentum in GLD forming w/ a possible change in the Intermediate to LT trend to bullish trend as GLD has been in a years long consolidation pattern and looks to break out to the upside soon.