GLD present another potential long opportunityNeed to hold circled area and show reversal sign on lower time frame. Good R/R.
GLD trade ideas
GLD/SLV Ratio - Still normalizing!Expecting we will see 9 or so very soon which is still relatively high for the ratio. Weekly finally rolling over on MACD and RSI comfortably into move down. Looking for $17 SLV while GLD deals with 163-165 or so. GLD working on consolidation base for next move up through 165. SLV still playing corona catch up!
GLD fills an "old" gap around bullish pennant-moves higherI've been learning more about gaps and their importance in price action from Alessio Rastani, Leading Trader. Down gaps especially have the need to eventually go back and fill. During the market crash, Gold displayed massive volatility and formed an inverse head and shoulders pattern through FEB & MAR. A bullish pennant followed in APR & MAY above the inverse h/s. Going back many years it was interesting to find that in FEB of 2013 there was an unfilled "down gap" on the weekly time-frame. About a 1% drop.
Even more intriguing is that the current bullish pennant (broke out and up today) was formed around the 2013 down gap (green arrow points to gap range). Lesson for me is that down gaps matter and often come into play when doing chart detective work to make decisions around putting capital in play while managing risk.
Many thanks to Alessio and the LT team for the ongoing weekly education. Becoming a member was a great decision for my trading endeavors. AMEX:GLD
Long GLDSentiment is too hopeful on a quick resolution on COVID globally. Buffett didn't buy the US Stock Market dip - more stimulus is needed which should drive investment demand for gold.
Long GLD at $162.92
Stop at $160.65 - Risk of $2.27
Target $184.5 - Reward of $21.58
Risk-Reward of 9.5x
GLD: Bullish Bias$GLD is attempting a bull flag breakout with volume after confirming an inverted SHS formation - investors continue to hedge in safe haven assets.
We are bullish biased while we wait for opportunities in the equity markets.
Continue to reiterate stock picking of fundamentally strong stocks around a "lockdown" theme (e.g. e-commerce & tech).
EnsoAM
Rating: GOLD - BuyGLD : Buy
Target: $190.00
Time-frame: <28 Days
Daily Wave Count: Wave 3
FibMarketWatch.com - Fibonacci Technical Analysis
GDX outperforms GLD and SPYLogarithmic scale - Weekly chart
Gold miners ETF "GDX" has outperformed Gold and the SPY. in the last three years.
GDX just broke resistance line. Will GDX keep outperforming SPY and Gold in the next months?
Long GDX.
Gold Short term chop/Downtrend$GLD is really trying to find a direction but IMO looking weak. Look for $158 support
GLD to riseLooks like GLD headed to 170 range.
RSI heated over 70.
Looking for bounce perhaps but still bullish.
Might take partial entry now an look for reentry at short pullback.
Expecting this week to end higher.
GLD in the squeeze zone?GOLD has been hyped up and it's rumored to blast off to tendy Land with growing concerns over hyperinflation and the weakening of the dollar. SPY is at a key level where the bears are expecting another dip while the bulls are looking for all-time highs. GLD and SPY have been converging and now is a key level for them to start diverging. I think once we see downside on SPY, GLD will be in the first place for the race to tendy land.
Long Opportunity in GLD? (2/2)Here is a scenario that would match the broader assets' bearish case.
The subminuette 2 in blue is incredibly short in time which is quite an issue.
We were expecting a flat within the yellow micro 2 but we are currently consolidating instead of dumping (to start subwave C of the flat).
Long Opportunity in GLD? (1/2)Here is a scenario that would match the broader assets' bearish case.
The subminuette 2 in blue is incredibly short in time which is an issue.
We were expecting a flat within the yellow micro 2 but we are currently consolidating instead of dumping (to start subwave C of the flat).
GOLD looking bullish !GOLD ($GLD)
Currently in a bullish trend and displaying consolidating volatility which means a big move in either direction. Expectations of continuing in a bullish trend in a setup resembling something we currently have is usually more probable.
I will be looking to enter the trade at $161.10. Intermediate target at $165.29 and full target at $166.83. Potential to overperform as there is a “key level of significance” at $174 as your next major resistance. Stop Loss set at $158.10. On Balance Volume also looks strong for the bullish scenario on this chart as well as for $XAU/USD while doing a 360-degree analysis.
Gold to Test ATH Soon?With the unemployment rate being announced later this week I have been keeping an eye on the gold markets for clues on a direction. Expectations are that unemployment will increase substantially from the last reported 4.4% to levels that haven't been seen since the 1930's. However, the price of gold hasn't really "outperformed" during the Covid-19 pandemic when compared next to other asset classes which begs the question, will the unemployment numbers really matter?
Looking at the charts gold has been in consolidation since breaking out of the inverse head and shoulders on April 6th. Price has retested and been trading flat since April 14th. The chart below is of the SPDR Gold Trust ETF (GLD). Current support is 156.95 and is a must hold if more upside is to follow.
On the 4-hour chart above, I've highlighted how volume increased on the break of the inverse head and shoulders, and as price returned to retest support volume has settled nicely. MACD confirms this and is beginning to show potential strength in bullish momentum. If GLD breakout, targets should be set towards 174, which conveniently is nearly all-time high resistance.
How confident can we be on this trade? Below is the weekly chart of GDX, a Gold Miners ETF. Here, note the weekly retest of previous resistance at 31. How strong the support remains to be seen, but the strength on the gold miners is undeniable and reaffirms the gold trade to the upside.
Heading into the potentially historic unemployment announcement this Friday, it may be a safe bet to look into gold if you believe in the safe haven narrative. If you are a trader like me, GLD and GDX present opportunities to make 10-20% returns in a short period. Bias: Bullish .
