GLD - The Time is Near!
This weekly chart from 2005 seems to say it all!. There has been a prolonged consolidation pattern that has tested resistance at FIB 38 level for some time. The trading range has become narrower and narrower and it looks like we are very near to FIB 50 level being left behind. The run up in 2016 that hit FIB 38 and retraced is all but over and there is virtually no resistance in the FIB 23-38 level! RSI and MACD both telling the same story! I will keep beating the drum on the metals and the miners until something changes. NEM, PAAS and GDX all looked good today. Would love to see a follow through day tomorrow for the miners which should ultimately set up a burst through the Fib 38 level for GLD. Happy Trading!
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.