649bruno
Long

Gold Bugs: Shakeout Or Fakeout, Part 2 of 4

AMEX:GLD   SPDR GOLD SHARES
36 0 3
This is the second of four charts about gold             . Part 1 demonstrated weakness in DXY             in June of 2010. The chart above shows that during the DXY             2010 weakness, GLD             had a sharp rally. In July of 2011 gold             began a long and steady downtrend. DXY             remained sideways to strong. The downtrend in GLD             was broken early in 2016. If you review "Gold Bugs Part 1" you should see a topping formation ( bearish shark pattern) as DXY             got near Fibonacci .382. If you look at GLD             it reversed its downtrend very near the Fibonacci .382. I do not think this is coincidence, I think GLD             will be the INVERSE of DXY             , and the strength should continue in GLD             . In the chart above GLD             touched its long term moving average . The Aroon is positive, and MACD-65 is positive. GLD             looks like it will re-test support at either $111 or $108. I look to the Stochastic/RSI indicator to bottom at one of these price points. Then I will most likey go long on GLD             . Now, if you would be so kind, move on to "Gold Bugs Part 3".
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out