Gold Bugs: Shakeout Or Fakeout, Part 2 of 4

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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".
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