GOLD - Cup and Handle formation. Very Bullish!GOLD - Cup and Handle formation. Very Bullish!
For shorter term, yellow channel range bound. Breakout likely to the upside.
GLD
GLD is clearly in a correction!
GLD is clearly in a correction!
Please allow me to elaborate more on an earlier article on "GLD Current Correction" on December 8, 2020. Just some thoughts on GLD SPDR Gold Trust Gold Shares NPV current correction, GLD probed the new high price of $194.20 (as of market close on Aug 3, 2020, per the weekly chart). The weekly chart of GLD SPDR Gold Trust Gold Shares NPV shows the security is currently in a correction. The correction started on Aug 3, 2020, to Friday, December 11, 2020, per the weekly chart.
According to The Elliott Wave Principle, the principle tells us that five waves move in the direction of the main trend, and three waves that will follow that is a correction. I have marked the three phases of the current correction for GLD SPDR Gold Trust Gold Shares NPV with A B C. The current bullish trendline is also marked with a green linear line.
Previously, I mentioned that if the price plunge below the major bullish trendline around $165.65, then there is a higher probability for a further correction. Why? One of the reason is because of human psychology. If that happens in the future, bears are more likely to feel more confident and will short sell this security more. Please note I just one to mention the subject of human psychology. There are many more reasons.
Previously, I also mentioned that the current volume is low. Volume is low according to the weekly chart. I also mentioned that this security may retest the previous price level of $183.69. That is a possibility. Included is the MACD Moving Average Convergence Divergence indicator. To summarize, MACD Moving Average Convergence Divergence is a trend-following momentum indicator. The weekly chart is showing the indicator MACD at a major point. Will MACD reverse the current trend or continue lower? This is a big discussion and I think I will save that for sometime later.
To summarize, GLD is clearly in a correction phase! MACD Moving Average Convergence Divergence is at a major stage. Will GLD resume the current uptrend or will the current correction continue further? That is up to the market's final decision and let leave that for another discussion and many further interpretations.
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Greenfield
Disclosure: Just an educational market opinion by Greenfield Analysis. This is not a recommendation. Greenfield Analysis has no investment in any of the securities mentioned in the article, no plan to initiate a trade in any of the securities mentioned, and does not receive any compensation for this market opinion.
GOLD 19 YEARS AGOThe GOLD to SPX ratio currently looks similar to 2001. Where were you 19 years ago? I know where I was and I was clearly not buying enough gold! Hindsight is clear.. or should I say 20/20? Seeing as history tends to rhyme, precious metals look like the better deal over the next decade- especially if you hold them in your possession.
𝗗𝗼𝗹𝗹𝗮𝗿 𝗨𝗽𝗱𝗮𝘁𝗲: $DXY Daily. Time for a Bounce?Triangle breakdown led to upside for equities and commodities, but looks ready for a bounce "now"
$UUP $EURUSD $USDJPY $EEM $GLD $BTC $TNX $TLT $SPY $QQQ #ElliottWave #Trading #Currencies 💱
GLD Current Correction! GLD Current Correction!
GLD is an investment fund that tries to achieve the performance of gold bullion less the expenses of the fund. This fund is currently testing the previous high on September 6, 2011. The fund had a strong bull run since May 28, 2019, and is currently having a correction.
I have indicated the major bullish trendline on the chart of GLD with a linear green line. If the price plunged below the major bullish trendline and below $165.65 then I expect a further correction. Otherwise, currently, I have a short-term price target of $183.69 for GLD. Volume is low right now with the current correction; therefore, I expect GLD to retest the previous price level of $183.69.
Just a humble market opinion by Greenfield Analysis. This is not a recommendation. Greenfield Analysis has no investment in GLD, no plan to initiate a trade in GLD, and does not receive any compensation for this market opinion. Please click Like and follow to see more. Thank you for reading.
Greenfield
Gold Buy Signal!!Gold retraced nicely from 1750/60 area, and i believe that the last bounce is impulsive as we can see a 5 wave formation momentum.
that means any pullback for gold between 1820-1805 level is an opportunity to long gold. i know that the vaccine news can work against our analysis but with all respect i think that the market already discounted the vaccination news.
so gold most probably will be affected by the stimulus program that will be adapted form the treasury.
Don't tell Schiff but GLD is bearishGot a signal today on the opening bar of AMEX:GLD spiking out at the 50% retracement of November's price action. This sets up a low risk play back to the bottom and the longer term Retracement level of the 2020 price action around 165.28
$1870 Possible On GOLD, Inverse Head and Shoulders PatternWe have some really good support around $1800 historically with a ton of volume. I see an inverse h&s pattern playing out which could potentially cause Gold to retest $1870. This is not financial advice.
Gold (AUD)- Similarity of post-2008 GFC to Post Covid-19Gold (AUD)- Similarity of post-2008 GFC to Post Covid-19
Post crisis stimulus and slashing of interest rates, provides a tail wind to Gold.
GOLD - WHAT IS THE DEAL WITH NOVEMBER?Gold has entered the pivot zone. The hard metal is always a hold to me personally, but it helps to study the charts to get an idea of the algorithmic driving forces and other oddities. In this case, I couldn't help but see this Nov Nov Nov trend and the math behind the madness. The pattern suggests it'll be supportive. Watch it closely the next few weeks. We need to see strength come in to confirm support and upward continuation. Do not dismiss the possibility of a deeper correction.. There's no such thing as "impossible" when in comes to financial assets.. especially in 2020-after all, we did see oil trade MINUS $37 this year. Keep an open mind while in wonderland.
Gold & InflationGold trading below the 200 DMA is interesting given all the inflation talk. If you have a strong conviction for gold as an asset class over the next 5-10 years, picking up Gold here should be a no brainer.
Weekly Gold chart shows weak technicalsLast weekend was warned of an imminent drop in Gold, which happened just on Black Friday.
The weekly gold chart suggests that price is lagging its indicators as
MACD is cutting down into bearish territory fast
Price Strength is similarly pushing down with momentum
Some net buying from Non-Commercials (orange line)
More net selling from the Top8 traders
Having broke down two supports, the next is on the 55EMA, about 1760.
And downside target is 1640 towards the end of 2020.
Gold just broke down again! Yesterday was Black Friday, and gold turned down a little more significantly, dropping from 1810 to 1775 within 15 mins. This break down was previously anticipated, following a short consolidation just after a significant move to 1800.
Technicals support further breakdown, with MACD and Relative Price Strength accelerating. Projections put Gold at 1750 early a December.
This downdraft was not concomitant with a rise in the USD, which currently does not look likely yet. So noting this, if there is a sudden USD rally, there could be enough fuel to propel gold prices to 1640.
Do recall that 1600-1640 was much earlier targeted as the bottom of the handle in the long term multi year Cup&Handle formation. So we may just get there regardless...
Gold (AUD) daily- New trendlines. RSI 24.4Gold (AUD) daily- New trend lines.
RSI way over sold.
Nearing major support line.
Gold broke down... hello 1800And we may see 1600 for Gold (GC1!) if 1800 does not hold.
Gold had been stalling and consolidating, wondering what to do over the past three weeks.
Had projected earlier that it is on the way down to 1800, and then as far down as 1600.
Even earlier, mid-August was the targeted date for a Gold top and that was done... so now, with technicals supporting the downdraft, and Gold futures breaking down, it is even more likely 1800 would be reached very soon.
Overall, Gold is in a secular long term robust bullish trend and I would be wary to short it; just that the volatility is high, so the range is way broader.
Gold - next 12-months is the last chance to accumulateGold - next 12-months is the last chance to accumulate
