GLD RSI Failure swing may lead to 34.44% drop like in 2008

The GLD price action during this recent market crisis appears very similar to 2008. If gold prices move the same way they did in 2008, we'll see a drop from here followed by a strong rally.

Comment:

The recent rally has put the last leg of the RSI into overbought territory and the failure swing no longer seems a likely possibility for this month. However, RSI divergence may still be in play.

Order cancelled:

At this point the monthly candle for March has completed and after a strong end of month rally, the RSI is no longer below the failure swing line. Will be on the look out for an April failure swing.