GLD
Gold (USD) daily- Ascendening Broadening Wedge Gold (USD) daily- Ascendening Broadening Wedge (ABW). A real possibility of reaching for the bottom of the ABW trading range.
Gold (AUD) daily- Clear breakout from Ascendin' Broaden' WedgeGold (AUD) daily- Clear downward breakout from Ascending' Broadening Wedge (ABW). Price target is horizontal red line. Temporary relief at purple UpTrend line.
Regarding the 52% of ABW that break out downwards. 81% of those act as Reversals of the prevailing trend- Thomas Bulkowski.
thepatternsite.com
$GLD is Lined Up in Another Bullish ConsolidationGLD is still the classic option for allocation in a time of declining faith in the monetary authorities.
The question now for investors is this: will governments suddenly start to self-impose restraint on monetary and fiscal stimulus just because the economic data is starting to improve? Not likely, especially in the US in an election year.
Gold (AUD) daily- Downward breakout from Ascend' Broaden' Wedge.Gold (AUD) daily- Downward breakout from Ascendening Broadening Wedge (ABW).
81% of AWB breakouts occurs in the direction leading up to the ABW. However, this is that 19% of cases.
Note: We are at Oversold RSI's under 30. History shows, when the RSI hits these levels, usually prices bounce back up.
GOLD: Stalling at 1750 - One last dip before next leg up??Gold has been trading between roughly 1670 and 1750 for 6-weeks.
My bias is that this is more a bull flag than a top
BUT It might need a drop through the bottom of the range to collect new buyers for next leg up
NOTE: It's the Fed meeting next Wednesday
$GLD is in a consolidation pattern for nowPeople are using funds from $GLD to finance their buying of stocks for now. Wait for a pull back in the market to get into $GLD. $GLD may just bounce around here for awhile before making its next leg higher.
$GC_F: Deeply oversold on short-term charts, still bullishGold got hammered today as U.S. Treasury yields staged a decent uptick, but the long-term picture remains quite bullish as long as this consolidation channel holds.
