As Bitcoin steals the limelight, gold quietly and gently breaks out AMEX:GLD #GOLD
Gold put in its first all time high for a daily close
This will likely end with an all time high by EOW or a highest ever weekly close.
Unfortunately, this leaves me with a conundrum as gold is a risk off asset and if we see a substantial increase, its possible it could be a...
GLD is shown on this 240 minute chart with a falt top triangle drawn with upper and lower
trendlines for resistance and support. A volume profile is overlaid. Text boxes comment
on the basis for the trade and the use of the relative strength indicator. Price is low
in the high volume area confluent with the support line. I see this as a long trade set up
and...
GLD is exhibiting a 5-3-5 zig zap correction pattern. We appear to be in the C wave in the third move with a wave 4 and 5 yet to complete the formation. Price is also approaching the .382 fib level, often a good retracement level. Next upmove should be explosive with many projecting to the 230 level.
Gold - I am pretty bullish for all of the 2024, I am pretty bullish for all of the crypto(my fav are: BTC, ETH, LINK, SOL). I am pretty bullish for all of the stock market - I really like NVDA and AMD plays for swing and daytrades
Few fundamental reasons why I buy GLD:
- Banks and goverments are buying a lot of gold from 2020 till now, and we still have very cheap...
Pretty distinctive Reverse Head and Shoulders look. Breakout projection points to 236.
Wave formation may be wave 3. 1.618 fib of wave 1 projects to the 236 level as well.
The neckline has been heavy resistance for years now but the wave structure points to a big 3 of 3 run that will smash through and start its run.
Physical is better for long term ...
GLD tapped off the Weekly level 185 and has held it for over a week now.
I think it could just actually hold right here or push down into the Blue line / Green highlighter level Daily level 183 and find support before moving higher.
There is a fresh Weekly Daily MTF level at the Pink highlighter 179. Which is where I would put a short Put strike trading this as...
Setting up for a breakaway move that can give us a good upside on Gold
The breakout level has been visited multiple times and getting weaker with every attempt. Should give way soon and give an explosive move.
Will need some sustained presence above the breakout price for a few weeks to be validated as a breakout. Interesting to wait and see the next moves on nthis chart
While my Elliott wave skills are basic at best, I predict that we are about to enter a Wave 3 move. The formation appears to be a reverse head and shoulders. A measured move above the neckline takes it to 236. Coincidentally, a 1.618 fib. One can expect that degree of a move for a wave 3. Could go higher but seems that mainstream analysts are calling for...
Wave pattern is looking fairly clear, showing that we are in a Wave 3 now. A breakout of the recent highs should push price to 230 and above. When gold starts taking off, it will be moving over 100 a day, 10 points in GLD. Target price could be achieved fairly soon, probably by the time the Fed cuts rates. Many are expecting this in March. My strategy has...
This weekly analysis provides an update on Gold (ticker: GLD) following the last assessment in the high 170s. Notably, a bullish cup and handle pattern has emerged, taking the form of a more dynamic head & shoulders configuration within the handle.
The handle, which itself represents a bullish head and shoulder pattern, is poised for a breakout from the right...
We're seeing a greater than 50% chance that the Fed starts cutting in March and I'm starting to wonder if we may need to start getting positioned for a possible probing higher as we look to see how many bulls are interested in gold considering the dollar's weakness.
