GLD - BIG PICTURE!This is a weekly chart that goes back to the prior bull market when GLD hit its peak around 185. We are 19 points away from that and have cleared many many milestones and continue to trade strongly in the last FIB level before new highs. For the naysayers that still think we are in a bear market show me why. Last week we cleared a milestone taking out the downtrend line that marked the peak in 2011. We are less than 4 points away from the first of the three remaining overhead resistance lines in the green yellow and red before we jump up to 185. Those lines are respectively, 170, 174 and 175.5 and less than 9 points to clear them before the attack on the ATH. There is absolutely nothing I can see on any longer time frame that suggests that we are currently overbought in any way. GLD has had a constant bid under it since coming out fo the liquidity collapse that caused it to dip back in March. In fact, it is currently in its normal trajectory after a consolidation that has lasted more than 80 days above the head and shoulders break. The back drop for higher prices is the best it has ever been. Fake news is the stock market rally that is running on fumes. I am getting calls from friends about opening accounts and wanting to trade. The time is near my friends and the metals are gonna fly. Don't miss it!
