GOLD $GLD Trade Idea
Another chart that I have been following for a little bit that I wanted to share with the community. Here we have the chat of
GLD We can see that
GLD faces strong resistance around the $190 price level. However, with that being said, we see that GLD is on a short term uptrend.In addition, the moving averages are all facing up and further point to short term bullish price action.
In addition, we can see that the price recently pulled back to a key support level and created the H&S Pattern. After breaking the recent diagonal resistance as we can see on the chart.
The price could reach that $190 level in the short term and provide some profits for traders. Then if it breaks resistance, we could see a much larger bullish move and momentum.
Today I entered a neutral and bullish trades on
GLD GLD profiting in case of either scenario.The oscillators are a little bit overbought at the moment, so I would expect a pullback at some time. Maybe at that $190 level before further advance.
Only something to consider is that
GLD can be a great way to hedge against market crashes or bearish price momentum.Hope this was helpful for the readers, if so follow me for mroe trade ideas.
Good luck trading!
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