Maybe heading towards 100$ to complete two harmonic patterns
The bullish Crab I traded recently in $GLD reached 2 out of my 3 potential target levels.
The third target was the 200 daily SMA line but with the price closing last Friday below the important 110 structure zone and below its 50 days MA, I'm not sure gold will be able to reach there in during the current bullish wave.
As long as the price stays above 106$ it may still be able to do so, but the more interesting setup will be if gold's price will reach the 100$ zone that beside being a psychological level, it is also the Potential Reversal Zone of two bullish harmonic AB=CD patterns.
I'm still neutral about gold (slightly bearish on the short term, bullish long term) but if it'll reach 100$, that's definitely a zone I'll look to buy into.
This setup is part of this week's Weekly Markets Analysis newsletters that include also $SPY, $QQQ, $AAPL, $XLF, $EURUSD, $GBPUSD and more..
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The third target was the 200 daily SMA line but with the price closing last Friday below the important 110 structure zone and below its 50 days MA, I'm not sure gold will be able to reach there in during the current bullish wave.
As long as the price stays above 106$ it may still be able to do so, but the more interesting setup will be if gold's price will reach the 100$ zone that beside being a psychological level, it is also the Potential Reversal Zone of two bullish harmonic AB=CD patterns.
I'm still neutral about gold (slightly bearish on the short term, bullish long term) but if it'll reach 100$, that's definitely a zone I'll look to buy into.
This setup is part of this week's Weekly Markets Analysis newsletters that include also $SPY, $QQQ, $AAPL, $XLF, $EURUSD, $GBPUSD and more..
Read the other scenarios and overall markets review here - goo.gl/XFmdhN
Subscribe to the letters for free - goo.gl/c13urY
