Potential H&S on GoldIndicators beginning to confirm it. Not in overbough territory so the upside looks good too. Will need volume pick to confirm it.
Stop: just below neckline
I've been looking to enter a longer term position on gold anyways
GLD trade ideas
$GLD Holds Trending Posture on Declining Spec InterestGLD continues to hold the broad character of a continuing upward trend. BofA analysts just came out and raised their 18-month target to $3,000/oz for Gold prices, and CFTC data shows declining speculative interest.
Gold is going down ... at least in the short term.I see a Head and Shoulders pattern forming with the head just peaking a few days go. We should see gold move down in the next day or two.
I have 2 options for the right shoulder.
I use the DMI, MacD and Stoch RSI to point me in the which direction.
I also use Fisher indicator and Commodity Channel Index for entry point. (not shown)
I use the CCI as opposed to the RSI because I can get more buy signals with it.
LONG GLDGold Has retraced to a trendline support. This will be the third push for GLD. The middle of the trend is the easiest, and two symmetrical pushes have been confirmed. I have narrowed my entry to the high volume profile. I have set my sell stop at the high volume of the last tested support level. Profit target is measured move from symmetrical two swings, based off of line chart measurements. Divergence with CSI(20) and price action.
Awaiting GOLD pullbackAnytime, at this point, would be good to buy gold; as it's on a run. Expected target, 1900-2100 by next year.
Gold is still performing amid the global shut down.
$GLD is in a 1.5YR Bull TrendIt's a pretty well defined channel so is this the start of a larger, longer run? I recommending googling "trump gold fed".
GOLD in BEARISH ZONEGold had its rally, was fun while it lasted guys, Trump said USA will slowly reopen. So we GO LONG on the SPY and NASDAQ because it will pump HARD very soon. For the short term Gold could be in Bearish Zone. Good luck :)
GLD - breakout area with room!GLD looks like it has a date with destiny at the old highs and certainly the peaks recorded in 2012. Not much in the way. Expecting it and SLV to continue marching higher.
GOLD mixed price action between GLD and Gold minersWeird price action for GLD last thursday, as gold futures were up 2% and GLD was only up 2.6%. While senior gold miners index were up 10%, such as NUGT or NEM exploded for 13%. Possible bearish triple top or bullish Inverse Head and shoulders? April 7 COT report was mixed as well, Non-Commmercials were Long, while Commercials were short. FOMC is not for 3 weeks, maybe pull back to FIB .236 ($153.69) Happy Trading!
FIBONACCI RETRACEMENT and Fibonacci ExpansionnThis is Gold Index, as you can see that it have produced an impulsive retracement of ABC, from B to C according to fibonacci it have retraced in between 0.5(50%) and 0.382(38.2%) that gives us shallow retacement which signals an strong uptrend, therefore from C it will have to move up to 167.18 to make an complete impulsive retracement. Please this is an estimation as for now it's in Major resistance but if it breaks the resistance then we have a great opportunity to buy on Gold.. ... meaning Dollar will be falling as well.
GLD - 5th time's a charm?I think so. Little different take looking at overall pattern dating back to the recession in 2008-9. It is very inviting. GLD wants to get into that top FIB level and has done the work at this FIB level creating a near flawless bull h&s pattern. Downtrend resistance from late 2011 and 2012 has been touched 4 times. Either this is the biggest fake out yet or gold is going much higher. Strong upside volume post liquidation scenario three weeks ago. NEM broke out of its similar pattern today. I think 5th time's a charm.
GLD - Big PictureGLD is right at overhead resistance that goes back to several peaks from the 2011-2012 time period. A break of this level will be significant. It touched previous high for this move earlier today. Watching this level closely. Breakout seems inevitable based on current environment and stimulus.
GLD - Head & ShouldersNEM broke out of its head and shoulders in a big big way today (see my idea from last week). This is also a textbook set-up. GLD still in original uptrend that it began last summer. All this stimulus is very positive for metals. Could use a breather or some sideways action but often you don't get a chance. If miners lead the metals then a breakout in GLD should be coming soon. Although NEM made new high, GDX still has not had a breakout so watching that closely.
