SPDR Gold TrustShort
GLD Potential Trend Reversal
Reasons I believe a potential trend reversal will arrive soon:
I will wait for the trend line break, followed up with another bearish candle, looking to enter around $13.50 area, with an initial target of around $12.50, with a stop just above the second trend line I drew.
- Price has pulled back into 50 Day Moving Average
- Previous day's market hours opened with a gap lower and a push of buyers that failed to move the price much higher
- Price is hugging the trend line, seems to need only a little push to break through
- The Daily chart stochastic momentum index shows buyers beginning to lose control
I will wait for the trend line break, followed up with another bearish candle, looking to enter around $13.50 area, with an initial target of around $12.50, with a stop just above the second trend line I drew.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.