GLD , a bullish gold ETF Long

AwesomeAvani Updated   
AMEX:GLD   SPDR Gold Trust
GLD on the 4H chart has downtrended for 2 months. However, the supertrend is that of a

gradual trend up as shown by the green ascending line. The two indicators point to a reversal.

The MACD shows a cross of the K / D lines under a positive histogram and impending cross

over the horizontal zero line. The Chris Moody with dual RSI plots shows the RSI on the

weekly time frame in black to be trending down from 70 and settling at 50. The daily time

frame in blue bottomed at 29 and is now 44. This is a bullish divergence of the RSI as compared

with the price trend. Overall I expect a reversal with a trend up targeting $192 which is the

approximate pivot high of early May also confluent with two standard deviations above

the mean VWAP anchored to 2/1/23. The stop loss is to be set below the ascending support

at $176. Accordingly, a potential loss of $2 until the stop loss is raised to break-even

once price gets to $182.00. After that, the trade will be both risk and stress free.
Trade active:
Added another 25 shares at $177.75 ( morning low).
Trade active:
Dollar value hitting what seems to be a near term bottom may confound the rise of GLD if both are trying to rise simultaneously. Time will tell.

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