Gold made a move last week despite strength in the DXY (dollar index). Historically gold has been seen a hedge for inflation. It seems to be catching a bid for that reason now. If gold is to continue it's upward momentum it should hold near or above the green box. No position currently, but I will watch closely. GDX and GDXJ can be good instruments to play if gold...
Appears to be a fractal bull-flag formation on SPDR gold daily chart.
Also appears to be following a parallel channel.
Two distinct forms since 2020
Form 1 began with the kung flu crisis in April 2020. Hit the bottom of the channel at S1 (156.82) and rallied by 13.82%. It failed to breach the channel upper-boundary and began form 2 from there.
Form 2 began...
It looks to me like there is a clear fractal format of the post-2020 gold market on the SPDR GLD etf chart.
Form 1 shows a very large bull-flag type form which resolved beginning of 2021 with a roughly 13% upmove.
This has regressed into a smaller fractal copy (about 25% smaller) of this form from Q1 2021 to present day which appears to be resolving down to S1...
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GLD has been lack luster since it rose due to covid as a safety hedge. It has not performed as a hedge against inflation but to be fair, we are only now getting the real data to support the fact that inflation is here and continuing to rise. These two lines of resistance are important as we continue to watch what happens going forward. If it continues into next...
AMEX:GLD weekly looks bullish.
20 EMA crossing back above 50 EMA with MACD crossing positive. It is just shy of breaking the top trendline so it might be wise to wait for that before going long. Last week's bar was a bullish outside bar right on top of both EMA's.
As you see on the Chart back in March SPDR Gold Trust had a double bottom and it took it 63 day to reach the target.
We have the similar thing happening with a double bottom and take profits are in the top box.
GLD, on daily charts depicts a very grim picture. GLD not only seems to have lost some shine recently, but the outlook also looks grim. 14 day and 28 day cycles are observed in GLDs charts and while we are in the rising phase of the smaller cycle, price is not showing any strength. The Bollinger bands are in expanded shape. I would look for price to move sideways...
The GLD is approaching his support at $160.69. We expect it to fall under this line and end the correction further down below. Only from there, we see an upward potential.
Happy weekend!
GLD is getting ready to close this week on a long-standing (multi-year) trendline. With the current conditions with skyrocketing US dollar debt and global uncertainty caused by COVID, I expect GLD to move up to a target of $175 to $178 in the coming months, at a minimum.
Arca
