SPDR Gold TrustLong
Long GLD till End of Year
The heavy Euro sell-off that followed the drastic measure by Mario Draghi to lower the euro is starting to cool off. Euro is finally finding some support along the multi-year uptrend.
The dollar rallied heavily and commodities took a huge hit this Fall.
However, the technical bounce in the Euro could provide support to Gold as the dollar weakens. Additionally, Dollar neutral gold in on an uptrend. A weaker dollar would accelerate the bounce in gold.
Initial target: 20MA on Weekly/38.2% fibo retracement at 122 on GLD
The dollar rallied heavily and commodities took a huge hit this Fall.
However, the technical bounce in the Euro could provide support to Gold as the dollar weakens. Additionally, Dollar neutral gold in on an uptrend. A weaker dollar would accelerate the bounce in gold.
Initial target: 20MA on Weekly/38.2% fibo retracement at 122 on GLD
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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.
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.