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Over Bought Gold Near Major ResistanceGold and the Gold ETF - GLD both have weekly RSI readings that are the most over bought since the all - time high. GLD is close to a 50% retrace of the bear market from the all -time high at 143.04 The wave (B) of a probable "A-B-C" rally appears to be an Elliott wave - Horizontal Triangle. After conclusion of an H Triangle there's usually a post triangle trust - which has happened. The trust is measured by the widest part of the triangle. Wave "A" = 23.86 + termination point of wave "E" 119.54 + 23.86 = 143.40. If there's a peak in the resistance zone the subsequent decline could go at least back the bear market bottom of 100.23. Mark
AMEX:GLDShort
by markrivest
GLD (SPDR Gold Trust) Technical AnalysisWhile stock market investors have been chasing the market rally this year, central banks and hedge funds have been quietly buying up Gold over the last half a century. Major hedge funds including Bridge Water Associates founded by Billionaire Investor Ray Dalio have increased it's holdings in SPDR Gold Trust in the second half of 2018. The long term trend in Gold remains in tact and SPDR Gold Trust remains above its 50-Day and 200-Day MA. The feds recent comments and disappointment to the markets on a 25bp rate cut show a growing trust in the metals value going forward.
AMEX:GLDLong
by tmiles2
1
If Minor Wave (B) Complete, (C) Will Equal (A) at $595 Cash SpotGold topped August 2011 completing an intermediate level 5 way advance ending at 1,923. It has been correcting ever since in intermediate (Green) (A)(B)(C) with (A) in 5 minor waves and (B) in 3 minor waves (with red B as a running triangle which I believe was followed by a quick thrust C that just finished at yesterday's high of $1,454). Minor wave (B), where red A equals red C at $1,345 (134.5 in GLD), is just shy of a 50% retracement of minor wave (A). So its a good stopping point. The price range of (C) should most likely equal the price change of (A). That would give the next minor 5 wave segment, (C), a price target of $595 in the cash market or $59.5 for GLD. This may be my last free published analysis. If you are interested in learning about my paid subscription, ping me here with an email address where I can reach you. Good luck!
AMEX:GLDShort
by broughro
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.
AMEX:GLDLong
by rjchilia123
$GLD - Gold Rally Taking a Breather?After laying dormant for most of 2019, Gold prices ($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.
AMEX:GLD
by EconomicsGlobal