Looks like an epic cup and handle in the making for GLD. It's getting close to make or break time. I'd like to see a break above that long term downward trend line on the possible handle. The DXY chart suggests that the dollar is headed for a secular down trend. That chart is also getting close to an inflection point IMO. Maybe the Gold bugs finally get their day in the sun? A break above that downward trend line would be bullish and a good entry point for those with a bullish bias.
Check gold miner charts, they aren't setup for a gold breakout imo they're weak no enthusiasm. The obvious move with all the inflation is for gold to go up but it hasn't so maybe a move down into first rate hike then a strong rally.
Btcprofessor
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rildwanolajide
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@Adven_Rader, although I don’t know a lot about Gold market, but I only know those ugly wise whales flip funds around while the curious mackerels end up being eaten. Stay Safu bro
Breakout_Charts
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@Adven_Rader I agree 100%. My only doubt is the DXY chart is suggesting a break to the downside. That would be bullish for GLD, hypothetically. Anyway, I think we'll find out sooner rather than later.
rkhosa
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@Breakout_Charts Check weekly DXY is taking support on 20MA and trend line before going 100-101(major resistance). I think that will be bottom for gold. Lets see how it plays.
Vibranium_Capital
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@Adven_Rader, that’s why you buy actual gold, duh. Some bitcoin plays continued dumping during the last bitcoin rally. If you want to long gold, get gold.
BigEmmy
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SELL XAUUSD Price will drop over US rate hike in march