Gold Bottoms TODAY.We have a weekly TD9 on GLD, and some major divergences showing up across the Gold chart. I believe today is a major swing bottom.
GLD trade ideas
Wave 5 Correction. Strong downward trend. Short term down.Heavy sell off and no sign of upward momentum. All MA downward angles. Downward momentum is strong within channel. Still making LH LL.
Key support $158.35. Until it bounces off this level and shows some bullish candle patterns, I am cautious.
Preferred entry zone is below $160. Stop loss $156. But I would not take this trade yet. Very risky. It could get cheaper.
GLD possible cup and handle weekly viewGLD weekly view might be drawing a cup and handle bullish pattern. Lets wait and see.
Time to buy some GLD?In a larger huge triangle, hovering right above uptrend line that is unbroken since may '19. On the top of a reversal zone inside two possible bullish descending wedges. I think now is the time to take a stake in gold.
GLD - Taking a Long Term Shot HereInterest rates soar, what could be worse for gold? Taking a long term shot here. Bought 170-220 June 22 call spreads in the 7s. Price is at the 20 month moving average now. Well, that means nothing I guess. Prices could always go lower. But with such a long time horizon, the short term volatility represents a decent place to accumulate. Extending the trend line to June 22, looks like to could be 192 so this should pay off. If it goes lower, I reassess trends and add more.
Finale selloff in GLD - will reverse up when yields/USD dropOn the weekly and daily charts, my indicators all show that selling may soon be exhausted. On weekly, you can see price is in support zone and you can visually see three waves of selling from top (Sept '20, Nov '20, today). Initially I was looking for 163 to hold but there is too much yield-rising pressure so price is moving down into green support band.
I bought April 170 calls. When it is scary to buy at the bottom, keep your position size small. If GLD moves higher, it will get back over solid white line and you capture a fantastic price move. If this trade idea does not work you lose little (with small position) because you bought very close to stop loss.
Gold Due to Rebound from trough: LONG on Au $GLD Gold has dipped into a buy zone for a nice long now.
With the overall volatility of the market and overall uncertainty on the role of most investors, it is time for Au.
LONG Gold.
This lacks in terms of analytical depth but the low on the chart is overt enough to speak for itself. Now is a good time to enter.
-BDR
GLD Bounce of double bottom.Bounce of double bottom.
Stop-loss: just below double bottom support level
Take Profit: next resistance near 182.77
Gold CupThe potential for this pattern to play out
will be highly correlated to many things...
Among the most important:
1. US$ (DXY) - Potential for radical moves due to stimulus
2. Other Alternative Investments (BTC)
Sentiment
3. Fear - Trustworthiness of Paper Gold
4. Manipulation rumors
Possible Pattern Plays:
Entry - $160
Exit - $260
Move $100 (62.5%)
Note: Monthly Chart!
May your Cup runneth over!
OPENING (IRA): GLD MAY 21ST 155 SHORT PUT... for a 1.62/contract credit.
Notes: Starting to build out second quarter positions here and what better way to start than with an underlying experiencing weakness. Already have an April on, so going out to May to sell the 18 delta strike.
GLD - Time to Enter LEAP position?Gold has been retracing but several factors lend to a good place to establish a January 2022 LEAP call option position. First off, price has found previous support at the .328 Fibonacci retracement level and looks to be retesting on a monthly basis. Holding this support level would be extremely bullish in my work, on a long term level. Should price break below, there still remains a solid upward channel line in place. So one might have an even better price level later. This is accumulation phase here so don't get discouraged. This is not a short-term trade.
The channel projection, should it hold, indicates that price should be between 180 and 225 by the January 2022 LEAP expiration date. Assuming that the lowest price we will see GLD at the expiration date is 180, one can buy the 170-220 call spread, pay 10 or less, and feel certain that one can achieve a break even since at 180, the 170 call would be valued at 10.
One never knows how these things play out but with ever increasing fiat currency debasement worldwide, gold prices should be much higher. My last look at usdebtclock.org showed that there are $34,000 dollars out there for every ounce of gold. That being said, owning the physical for long term security always seems to be the best option. But for those who like to play the paper side as well, this seems to be an interesting play to consider.
(not financial advice, just a trade that I'm going to put on and my rationale.)
GLD: tracking two counts both bullish long termTwo primary counts for GLD that I'm tracking. Both are bullish long term however near term - next 12-18 months - could see continued correction.
OPENING (IRA): GLD MARCH 19TH 163 SHORT PUT... for a 1.78 credit.
Notes: Building up a GLD position a little bit here on this recent weakness. Targeting the strike that pays at least 1% of the strike price in credit, which here is the 22 delta 163. Going out to March, as I already have some on in February.
