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GLD

Gold Bugs Squished?I've been talking about Gold COMEX:GC1! hitting a major high for my last two Livestreams (catch them Friday at 4pm Eastern after the market close). The current price action warrants a standalone post. Each Livestream for many months has had at least one person ask what I thought about Gold. It was very simple: Gold was trending UP to test the major Monthly highs. In many of my social market chats about two weeks ago my gold bug friends began getting very excited. I urged caution. Price MUST break the high and confirm the breakout before getting long at this major Resistance Level. Now it looks as of gold price is respecting this monthly high from the last few years. To be contrarian I had to short Gold (using AMEX:GLD ) based upon a Spike setup from Friday May 5th's high. Last week price pulled back and "should have gone" to retest and break the high. It did not and returned back inside the range. This sets up a short. I also know from taking market sentiment that a lot of traders may have gotten a bit overly optimistic. This could setup for a good pullback to at least the 1850 Level.
COMEX:GC1!Short
by norok
1
Gold Futures (GC) Weekly is Bull Flagging, But.....Gold is currently in a flag similar to that experienced last March and April. Last year's flag broke down, very unusual for this formation (normally it is a continuation pattern). Most likely the breakdown can be explained by the strong ramp up in the dollar index last year. Also, gold seasonality is usually weakest starting in April - June. This flag is very tight, and being very near the all time high of 2089.20 at the flag peak of 2085.4 -- so I am biased in thinking that this flag may not reverse, even should DXY show strength. Of course, there are numerous geopolitical and other macro events which can have a positive effect on gold, if they create uncertainty. Key areas to watch. A break below 1985.60 and hold and it will signal another flag breakdown. A break above and hold of 2085.40 (flag peak) and it signifies a bull flag continuation. These are simple areas to watch and are significant.
COMEX:GC1!Long
by UnknownUnicorn13101
1
Gold Order Flow - One Script To Rule Them AllHello traders, Once again, the OFA script demonstrates its prowess... Through the synthesis of fractals-based order flow data, we can deduce potential future trends in a market that has experienced unprecedented volatility in recent times. Following the decisive breakout of 162.00 last Nov 2022 which left behind a double bottom, Gold was propelled towards 191.00 through a series of HH and HL patterns via the OFA script. With the latest two cycles printed consisting of greater amplitude and velocity by the bulls, which was met by tepid sell-side pressure as the OFA indicates, The path of least resistance continues to be higher. We will never claim to have foresight or certainty about upcoming developments. Instead, we will be attentive spectators of price fluctuations, allowing the OFA script to shoulder the burden of executing the next trade. Bear in mind the two essential aspects of the OFA indicator: Amplitude: A crucial hint in evaluating a trend's vitality is the extent of progress made by the dominant party controlling the trend. We must ask: Are the new stages in the active buy-sell side campaign, as recognized by the script, increasing or diminishing in amplitude? Momentum: When considering the range of price movements, amplitude accounts for only half of the equation. The remaining half involves the momentum or pace of the move. We must ask: Was the new stage established following a rapid, impulsive shift? Alternatively, did the price achieve a new low or high with the movement being lethargic, constrictive, and time-consuming to develop? A useful guideline is to count the number of candles it took to reach a new stage. VISIT MY PROFILE FOR MORE INFORMATION ON THE OFA SCRIPT.
AMEX:GLDLong
by FlowState
GLD Gold ETF Pullback for EntryGLD has been trending up and the chart shows that volume is increased in April / May as compared with March and is about relatively 2X. GLD is now priced at its all time high. On the trendline drawn, GLD is rising at a rate of approximately 5% monthly. Gold prices are reacting to economic uncertainties and the dollar value having its challenges. Today, price is down 1-2 % dropping towards the bottom of the Bollinger Bands providing a good long trade entry. Stop loss is one dollar below the bottom band while targets are at + 5% + 15% and +30% as a long duration swing trade expecting rising gold prices for at least six months. See also my idea on XAUSUD / Cup and Handle
AMEX:GLDLong
by AwesomeAvani
XAGUSD Spot Gold Cup and Handle Bull Trend ResumptionXAUUSD on the daily chart has a long-term cup and handle now in its final formation. Spot gold price has risen above the lip of the cup and is in position to ascend from there the height /depth of the cup for about another $100 on the current price based on the pattern to occur over the width of the cup or about 6-8 months. Any gold related instruments including miners, junior miners, ETFs like GLD, JNUG , NUGT and gold itself on the forex markets should be in an overall uptrend. Any further degradation in the AMEX:USD will further support Spot Gold rising. Using the Bollinger Band oscillator or Luxalgo I will try to buy when XAUUSD is at the bottom of the Bollinger Bands ( Red Histogram is high / Green Histogram is low ) and sell in an opposite fashion with positions on and off to profit from the uptrend ongoing.
OANDA:XAUUSDLong
by AwesomeAvani
2
Trade Idea: GLD August 18th 210/June 9th 185 Long Put DiagonalWith GLD at or near all time highs, looking to buy the back month -90 delta put and sell the front expiry +30 delta to synthetically emulate a covered put with -60 delta or so. Will look to take profit at 110% of my cost basis (i.e., a 21.57 credit, resulting in a 1.96/$196 profit). Metrics: Max Loss: 19.61 debit Break Even: 190.39 relative to 189.64 spot (pre-market) Max Profit: The width of the spread (25.00) minus the debit paid (19.61) or 5.39 ($539) Will adjust price at open if necessary to get a fill.
AMEX:GLDShort
by NaughtyPines
The Gold Odyssey - the third lower highHeads up previously, had already mentioned previously, there was bullishness in Gold, but not enough and it was way too stretched to be at the top of the (constipation) range. The weeks went by and few things are very clear here: 1. There is a third lower high (not bullish) 2. Gold is breaking back into the range (really not bullish) 3. The MACD is weakening, the VolDiv has crossed down with a lower low (very not bullish) 4. The TD Sequential Setups are showing that the primary trend is still bearish, from the Buy Setup in early 2021. This was never reversed, although price closed above the TDST (green dotted line at 1962.50). So now the deal is like this... EITHER the current Setup completes over the next two weeks with Gold popping up definitively, OR it breaks down this week cancelling the current Setup, keeping the bearish primary trend, and closes below 1962.50. I suspect the latter will pan out... appears more probable to me. Downside target 1820-1840, else if closes below 1800, can expect below 1700. Wait and watch...
COMEX:GC1!Short
by Auguraltrader
1
Gold resistance - testing back below 2klast week was the first weekly close below 2k in GC since the recent breakout. Weekly chart highlights the multi-year range, big question is whether sellers have enough to re-take control of near-term trends this week. I don't doubt that Gold can prod a lasting move above 2k, I just don't think that'll happen until the Fed pivots and I'm not expecting that while Core CPI > 5%. Am tracking a series of resistance levels overhead, 2008 near-term, 2023 above that. 2037, 2049 above that supports 1980, 1954 and then 1944 next week is FOMC and ECB
COMEX:GC1!
by JStanleyFX
Topside Exhaustion in GoldThe Gold rally faltered today into uptrend resistance on building momentum divergence, just ahead of the 2022 high-day close at 2050. Initial support with the March channel (red) with the broader outlook constructive while above the median-line (currently ~1920s) Ultimately a close above the record high at 2075 is needed to unleash the next major leg higher in gold with initial objectives eyed at 2150. Michael Boutros , Sr Technical Strategist with FOREX.com Follow Michael on MBForex @MBForex
FOREXCOM:XAUUSD
by FOREXcom
Opened (Margin): GLD May 19th 185/Sept 15th 210 LPD*... for a 19.98 debit. Comments: Taking a bearish assumption directional shot in GLD here on strength. Buying the back month -90 delta put and selling the front month +30 to emulate the delta metrics of a covered put (i.e., short a one lot of stock + short a put). Cost basis of 19.98 with a 190.02 break even on a 25 wide. 5.02 ( SGX:502 ) max profit, assuming a finish sub-185, 25.1% ROC at max; 12.6% at 50% max. Will generally look to roll out the short put at 50% max to the shortest duration 30 delta strike that is at or below my break even. With the back month out in September, I have quite a few opportunities to reduce cost basis if the setup doesn't work out immediately. * -- Long Put Diagonal.
AMEX:GLDShort
by NaughtyPines