GLD trade ideas
GOLD - Next Stop $180Gold has been on a mission to space and hasn't shown any signs of slowing down. Whenever we see consolidation and a possible resistance forming it breaks through with ease.
Targets for now:
1. $180
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Head & Shoulders Pattern For GoldIn addition to the rising wedge/triangle we see on the GLD, there is also a nice Head & Shoulders Pattern formation presenting itself. I suspect we will go down to about 140 on the SPDR GOLD in the next 12 - 15 days.
I don't know the exact timing of the bottom of the head or the top of the right shoulder, but I did put the price points at where I think the right shoulder will hit and where the neckline will be.
There are also a variety of indicators I am looking at that support my bearish movement including the DMI, MacD, and Stoch RSI.
Long LongDon't be fooled by the last peak from 2011 to 2013 the chart only has a memory starting from 2005, also forget the oscillators they won't help you value gold either since like the chart the oscillators can't see the longer trends. The Gold is only going up and it will continue to go up, covid19 is a trend accelerator, gold will never see 1800 dollars a troy ounce after july, no wear near it. Gold is going to break 2000 per ounce and will start touching 3000 by 2024. This is a blue sky breakout.
GLD soon to go into a modest correction, based on cycle analysisThe chart shows cycle analysis on GLD. The bottom shows the repeating cycle lengths, which are very consistent in GLD and gold futures. You can see the support area, which we labeled as a buy zone. Based on momentum indicators and the structure of cycle patterns, in multiple time frames, it is expect that the price of gold will continue the uptrend.