GLD trade ideas
GLD Bugs are back!With the devaluation of currencies globally and negative interest rates plaguing over 25% of sovereign government interest rates, Gold has come back in favor breaking their resistance of $129.00. Broad indexes are at all time highs and fear of devaluing currencies will create a run for a "store of value" trade which can also be perpetuated by a "fear trade" where Gold performs historically well. $143, then $154, and finally can test $172. We'll see.
Low profit opportunity on GLDA friend suggested to look at GLD. I saw the bull flag and went on it for a 2% risk.
GOLD VS BITCOIN- WHAT?!GOLD and Bitcoin seem to have found similar trend recently.. Does this continue??
Possible Gold Breakout Upside Unknown ...Due to extreme weather and massive interplanetary stimulus sends gold oz over $2000 making new all time highs...
BUY BUY BUY or SELL SELL SELL
its your call... or put
Bull Flag on GLD or GoldWe seemed to break out above the flag today after the FED confirmed rate cut which is bullish for Gold. The volume on this bull flag is perfect, you can see volume was moving higher on the flag pole, then dropped on the flagging, and is now moving up on the flag pole up. Confirmation is above $135 my measured target is $140.22. From here that is roughly a 5% gain and the last move up took place over only 6 days. If you want to trade this set stop at $131.75 which is roughly 1% downside risk give this trade a 5:1 risk reward ratio.
$GLD - Gold Rally Taking a Breather?After laying dormant for most of 2019, Gold prices ($GLD as a proxy) took off in late May/early June 2019 and have experienced a nice rally since then, rising 7.7% in June 2019 and posting its best monthly gain for the year so far.
However, it appears that the rally may be taking a breather. As of July 5th, prices have remained in the Fibonacci 100 zone($135.55), but have been fighting hard to stay within this level, especially as prices experienced a gap down on the same day.
Further, since peaking on June 25th, the RSI has been falling, showing lower highs and lower lows, indicating that market sentiment is beginning to stall.
Given this turn of events, we expect $GLD to fall to $128.94 over the next few weeks.
GOLD FOR THE WIN
3 YEAR PRICE TARGET:
GLD $320
NGD +$14 (ALREADY LOCKED IN $.78)
CLEAR BREAKOUT, MIGHT SEE $1,550 - $1650 GOLD PRICE EOY
Bullish on $GLDWith the first rate cut of the cycle around the corner, it's a good time to look at what $GLD did during the previous time rates were cut. It looks like $GLD kept rising as rate cuts and QE announcements kept coming.
Update on GoldThe ABC correction is near complete having completed the Triangle and now nearing completion of the quick "thrust" Elliot calls for after a Triangle. C equals A about where it is now. Corrections often end at a previous forth wave, which could be now or up to 145 (1,450 cash).
Then look for the longer term bear to continue with a complete retracement, and then some, of the ABC upward correction...neutral for now, but longer-term short...
