Fantastic predictable trade again in Gold. Chart notes.

Gold hit historical resistance and came off hard again. In channel with Price Targets in Play. $GLD $UGLD $DGLD #Gold

Historical resistance held EVEN in a non time cycle peak (which is a big deal for algorithmic chart modeling nerds like myself). We would expect resistance to break easily to upside unless it is at a time cycle peak resistance test.

So this is interesting.... it means the Gold bulls did not get Gold first to the upside of historical resistance (symmetry) but what is more important is that trade did not become significantly divergent to bullish side when they had the chance. Outside of regular symmetry (historically speaking) an upside test like that breaking to upside would have put the advantage to the bulls to at least 10 to 1 and I would have signaled a serious long side alert.

However, now, Gold is yet to be seen. I am long bias but only by about 10% lean.

Watch those time cycle peaks... the upper trading quad peaks on the chart.

Also of note... Gold is in the channel prescribed in previous posts and has lost its 50 MA.

Previous post

For more detail on the time cycle peaks for your trade, price targets, and support and resistance points relating to your personal trading plan contact me with any questions you have.

Best and peace!

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Comment:

The channel support test is also possible here soon on Gold chart model FYI