I really hope there is another touch of cloudFor me to load more.... praying...
Based on 08 chart, seems likely.
GLD trade ideas
SHORT GLD / LONG BTCThe definition for safe haven says: It is a financial instrument that retains or even increments its value during periods of financial turmoil. Certain characteristics that a safe-haven assets have: liquidity, limited supply, and functionality. In the last years, I have heard many debates between gold and bitcoin followers. Let's see the charts:
GLD reached its peak in September 2011, and it has lost 46.13% of its value in December 15'(approximately 1560 days). On the other hand, BTCUSD reached its peak in December 17'. It has lost 84.27% of its value in December 18' (approximately 364 days). It is too early to call BTC a safe-haven asset. Its very volatile, and it loses its value faster and in big proportions than GLD. The last example was of this was reflected during the last weeks when the vireus had outbreaks in Italy and other parts the world. GLD lost 14.46%, while BTC lost 62.89% of its value.
1. When I analyze the liquidity part of the equation, BTC has an advantage. Bitcoin's technology (blockchain) makes it easy for people to transfer money around the world. It can be easily converted in U.S dollars, Japanese yen, Peruvian Sol, etc. Diversely, gold could be very tedious to convert into cash.
2. One of the main characteristics of a safe-haven is its limited supply. Both GLD and BTC meet that requirement.
3. The last characteristic is its functionality. Safe-haven assets must have a use that will maintain long-term demand. I personally think BTC has an advantage on this one.
The GLD charts shows a broken uptrend channel. Price has re-tested support level. This may suggest GLD may see new lows in the coming days/weeks.
On the other hand, BTC price action has formed a symmetric triangle. Price has touched an important monthly demand zone. The more times a zone is touched, the more important it becomes.
LONG BTC
SHORT GLD
We will see!
GLD/SLV Ratio - Silver's time is coming!This just looks like a monster blow off top similar to 2008-2009. It hit 127.5 which far exceeds any measure of this ratio by 20-25%. MACD and RSI starting to turn. I see silver rising and gold just marking time between $1450-$1520 before it resumes the next leg up.
GLD - still consolidatingAt yesterday's low, GLD held at the late fall consolidation area around 138 and that held above the breakout area from the summer of 130. Would not be surprised to see a test of the summer breakout area, but we are oversold on the daily and shorter timeframes and could have a bounce in here.
GLD - consolidation pending!GLD will resume its uptrend as the market works thru the bear. Gold bull market still very much in tact and 20% cleansing will do the yellow metal good. 10% so far. Be patient. More likely than not better prices ahead.
GLD Idea $GLDAMEX:GLD
I am anticipating that GLD is on a Wave 4 correction to the T1 Green box target between the horizontal Blue lines.
Once the target is hit, I will reassess and look for a long position.
GLD Is This Wave 4?The dramatic selloff in precious metals this week marks the end of a possible wave 3 of an impulsive wave. Silver looks much worse but thus far is holding above a supposed Wave 1. The alternative view, held by many, is that the recent rallies in PMs was a B wave in a corrective phase and much lower gold and silver prices are to come. WIll be watching silver closely for clues.
Stochastics are falling for both metals especially on the weekly and monthly views. Things do not look good. There is nowhere to hide in this upcoming wealth destruction phase. Not shorting the market but squirreling up cash for signs of a bottom in both metals. With gold silver ratio breaking to 104 today. Silver has to be the most unloved asset ever.
what do you think?So gold was being purchased becasue of the stock sell off. It smashed up against this zone, a strong zone. Ya think it will shot out of here once all the selling is done in gold from this zone?
I do. What do you think?
In Gold we trust? Considering a play on GLD the ETF representing Gold as It appears to be immune to the coronavirus. Hoping to snag an entry around 155 with hopes that a Bull flag is forming, which would set the target profit point around 168.
GLD to test highsThis looks like it is setting up for a nice run, watching 17April $160 calls or longer
GLD GLD failed sell reversal in play. Did the big boys just sucker a lot of weak hands out of their gold? I think so. The sell signal reversed course in dramatic fashion to take out the gap down and is now holding above the gap. That i refer to as a signal failure which means bet 2x in the other direction. Of course as always set your stops as we are in uncharted territory here on many levels. Gold could go to the moon here... or crash... there is no way to tell. One thing for sure, there is opportunity for huge profits here and huge losses if you dont play this right. Ive added a level above which i will buy more when above.
GLD: Bat Pattern In Motion!!!Potentially Bat Pattern at completion levels. Waiting on some confirmation signal to go long.
Note this is hourly time frame.
Green zones are you profit taking zones
Red zones are your stop losses
Looking for a 0.386 retracement as first target
Looking for a 0.618 retracement as secondary target
GLD/SLV RatioGold has persistently pushed higher while silver has lagged causing the gold/silver ratio to hit an ATH. This is a high that dates back a century. As you can see from the 2009 - 2001 period when gold topped this ratio hit a bottom. it's been a long time coming but silver's time to shine will be here soon enough. I expect that silver will play some catch up while gold treads water. Silver's precipitous drop last week and gold's run up has truly skewed things. Watching this carefully but its time to accumulate a silver position in size.
GLD cup and handle formationPrice target 170 imminent.
1.) Margin call sellers from 2/24-2/28 gotten out, so lesser risks in this happening again.
2.) Sanders winning super Tuesday isnt' going to be good for the market.
3.) Rate cut is good for gold.
4.) Corona virus worldwide spread has not even peaked yet.
5.) SPY will enter bear market based on broken supply chain due to corona.
Dow, gold, bonds and BTC Tracking the performance of gold, bonds and BTC vs. the Dow since the largest weekly point drop in its history.
Gold Bull TrapFor the time being I am watching GLD to see if the $148 line holds. Market devaluation could further depreciate gold if this selloff continues. Carefully watching from the sidelines for now, $GLD for low risk plays $AUY for some high risk plays.
$GLD Shakes Out Hard as Asset Managers Tap Performers for CashGLD has dropped sharply as precious metals became a source of cash during the crash last week for overleveraged asset managers. But this could be a mechanically-charged shakeout in a continuing trend.
Gold Spike Follow UpWow what a big down day! Not stocks - Gold, which was down more on 2/28/20 than any of the US stock indices.
My 2/24/20 GLD post noted Gold/GLD could have a spike top near the new moon on 02/23/20, since then in spite of the virus panic Gold is down.
The crowd buying into this "safe haven" got burned.
High probability of more downside in the coming weeks.
Stochastic has had a bearish crossover and is now in the neutral zone.
RSI has a bearish divergence vs. the 02/04/20 price bottom.
MACD has a bearish crossover.
Very good chance GLD could reach the first support area.
The vast amount of bearish evidence suggest a decline could last months and even years.
Long term minimal target is test of late 2015 major bottom.
Mark
