People are using funds from $GLD to finance their buying of stocks for now. Wait for a pull back in the market to get into $GLD. $GLD may just bounce around here for awhile before making its next leg higher.
Gold got hammered today as U.S. Treasury yields staged a decent uptick, but the long-term picture remains quite bullish as long as this consolidation channel holds.
This is what I see comparing price action to SPX Index
$GLD 200EMA Bounce, 4H $GDX $XAUUSD $GOLD $NEM
$GLD will outperform $SLV moving forward
$GLD / $SLV Reversal - Bullish for $GLD
Gold is slowly, and surely, starting its move towards its breakout zone. MACD is supportive, 55EMA is bullish... waiting for breakout confirmation. A triangle pattern, pennant, breakout is expected for a target of 2000. Watch for it.
GLD will likely be in focus this week as chaos erupts in the US and the money printing from the Fed continues unabated and holds the safety net in place. The range under construction over the past two months appears to hold a bullish trend continuation posture.
Gold got stuck in an extended consolidation of wave 4, which shapes double three WXY. The completion of the last wave Y down is expected at the low of wave W around $1658. Then the last wave 5 , that was widely expected long ago could kick off finally. The target area is highlighted with a blue box between 1805 and 1921.
Gold futures indicate that it is near a triangle/pennant breakout, targeting 2000 by July. MACD is supportive as it just crossed up. Supported by a recent gap up range. Watch for it...
Gold just broke out of a triangle and retested, then started breaking out again for the proper leg to 2000, bypassing 1800 very soon. This is early break out and MACD to confirm later, especially when a new recent high is achieved.