GLD Weekly Breakout

Driven by the recent stimulus package, GLD is breaking out of it's wedge and has a nice long term play on the weekly chart. Ichimoku lagging indicator (white) is bullish, and there is plenty of support from the cloud (green shaded area and red line) down to 165. Price is also right in the middle of the regression channel (blue and red shading) , based on the long term run up. Crossover (blue and red) is still in bearish territory and it may be best to continue to monitor this for confirmation to buy for a long term play. There's a price gap around 180 for an entry point for shorter term bulls. Price is well above the 200 Moving Average (yellow line) so it could easily pull back there if the fundamentals change. RSI shows no indication of it being overbought.