Expired GLD Weekly outlook. 5th WK OCT 2024Expired GLD Weekly outlook. 5th WK OCT 2024
> BULLISH 📈 HIT
Prior Week Closed Price: 253.32
This Week Target Price: 254
Strike Price: 257.71 on OCT 30, 2024
Upper Range: 258.17
Lower Range: 250.97
GLDUSD
Expired GLD Weekly outlook. 3rd WK AUG 2024Expired GLD Weekly outlook. 3rd WK AUG 2024
> BULLISH 📈 CORRECT
Prior Week Closed Price: 231.99
This Week Target Price: 233.66
Strike Price: 234.01 on AUG 20, 2024
Upper Range: 236.72
Lower Range: 230.59
Expired GLD Weekly outlook. 2nd WK JULY 2024Expired GLD Weekly outlook. 2nd WK JULY 2024
> BULLISH 📈 CORRECT
Closed Price: 220.93
Target Price: 223 | Strike Price: 224.15 on JULY 11, 2024
Upper Range: 226
Lower Range: 221
Expired GLD Weekly outlook. 1st WK MAY 2024Expired GLD Weekly outlook. 1st WK MAY 2024
> NEUTRAL 📊 CORRECT
Closed Price: 216.62
Target Price: 214.14 | Strike Price: 211.50 APR30 24'
Upper Range: 217.38
Lower Range: 210.90
Expired GLD Weekly outlook. 1st WK SEP 2023Expired GLD Weekly outlook. 1st WK SEP 2023
> NEUTRAL 📊 CORRECT
Closed Price: 180.11
Target Price: 179.67 | Strike Price:178.64 SEP5
Upper Range: 185.15
Lower Range: 174.19
GLD short term short, long term bull trend intactGLD was in a down trend from March 22 until early November 22
Since GLD broke that trend it has turn former resistance into support with confirmation
on Jan 13 GLD broke through the next reistance zone around 175 and is now peaking at almost 180$
even though on Jan 17 and 18 GLD traded down and then came back strong on Jan 19 it still needs to come back and visit this former resistance for confirmation.
ADX over 20 indicates strong trend, here on the 1 day it is 40 with the +DI (green) in bullish spread (40 v 13)
50 day DEMA crossed the 200 day DEMA in late November
The price has gotten far above the 50 day DEMA, another clue that a short term correction is in order.
GLD: Hit the Brakes ✋🛑Almost there! GLD should slam on the brakes and wrap up the blue wave (i). After completion, we expect the course to dip into the blue target zone between $162.26 and $155.58 to fulfill the corrective low of the blue wave (ii). Once achieved, the GLD is good to go and should rise back North.
GLD: Sandbox ⛱After the hard work of finishing wave iv in magenta, we expect GLD to play a bit in the yellow sandbox between $150.72 and $140.40, all the while completing wave (4) in yellow. Then, it should get down to business again – or rather get up to business, as we expect GLD to climb northwards, crossing the resistance at $171.23. There is a 35% chance, though, that GLD could rise above this mark directly and without amusing itself in the yellow sand.
Can Gold outperform in the next decade?If we cycles continue we might see a gold rising in the next 10 years.
GLD: Correction incoming! ↘️↘️↘️The GLD price has reached its ideal mark at around $171.43. Now, we expect the price to drop all the way down to levels around $162.15. Ending the correction there, the GLD can then look forward to gain upward momentum.
Enjoy your weekend!
BTC / Gold: Will history repeat itself?In the past, Bitcoin has made great gains over gold. Measure in the price of gold, Bitcoin did a 10x in 2013 and a 14x in 2017. Will history repeat itself in 2021? Will BTC do another 10x to 14x on gold?
Gold Possible Next MoveHard to say to short Gold given the circumstances, but a potential put option may be in play in the short term. Have to see if it keeps getting rejected or not.
Trading Edge 2020 Portfolio -Trade #2- GLD - Golden OpportunityPosition:
- Long dated call options
- Jan 15th 2021 expiry
- $137 Strike
- 0.71 Delta (ITM)
- Cost = $12.10/ contract
- Buy 1x contract
Profit Target/ Exit:
- $150 initial profit target
- Two closes below $136 is exit signal (this would be around a 50-60% stop)
Rationale:
- GLD has broken out of the descending channel (period of consolidation)
- Bullishly stacked moving averages
- GLD can also act as a potenital hedge against other market long positions (MJ for example) should we experience a market pullback in Q1
- Bullish MACD cross and moving averages cross
- Longer dated options give more flexibility in allowing the trade to develop, also gives us the ability to roll the contract to lock in profit and stay in the trade
- GLD has had quite a nice move up recently and is at the 3 ATR on the daily, so a slight easing is possible, but any ease should not take us below our stop, if this breakout has any legs
- Trading Edge
Gold Summary for End Week 4 - 2019Gold finally showing direction, but will it last...
So last week I suggested gold was treading water looking for direction. Well a mighty push up of $22 on Friday seems to have confirmed it has found a positive direction, but will it continue?
On a technical basis there are issues as can be seen from the notes on the chart above. On a fundamental basis there are also other issues, strangely the fact that not only did gold finish the week higher, but also oil and stocks. The US$ did close a little weaker, but it still leaves an unanswered query.
That said, further concerns over Brexit in the UK, the on/off situation with the shut-down in the US and slowing global growth may offer support. Nevertheless, the flat bottomed kumo looks to have a lot of pull.
WAITING
