GLD
is hot on my watch list as uncertainty in the world markets should cause investors to park their money in gold.
GLD
is down -4% for the quarter and is due for a rebound. Technical Analysis:
GLD
has been consolidating in a falling wedge and is approaching the .618 retrace at 177.24. I lean bullish on
GLD
as long as we don’t break the falling wedge structure and can hold above the gap at 176.18. I am expecting a gap fill to the upside at 181.37. Bears will want to see this falling wedge invalidate with a gap to fill to the downside at 173.80.
Upside Targets: 178.75 → 179.84 → 181.08 → 181.97 → 183.21
Downside Targets: 177.78 → 176.82 → 176.20 → 174.83 → 174.46