GLD , the gold futures ETF LONG
Updated
GLD is shown on this 240 minute chart with a falt top triangle drawn with upper and lower
trendlines for resistance and support. A volume profile is overlaid. Text boxes comment
on the basis for the trade and the use of the relative strength indicator. Price is low
in the high volume area confluent with the support line. I see this as a long trade set up
and ready to go. Zooming into a 15-50 minute time frame will help find the best entry.
The RSI indicator would need to have its time frame settings adjusted I typically use
one half the chart time and twice the chart time to get a decent time spread,
Gold is forecasted by some to reach $3000 spot price in 2024. Gold and Bitcoin compete
for dollar attention. Things will be interesting for sure.
trendlines for resistance and support. A volume profile is overlaid. Text boxes comment
on the basis for the trade and the use of the relative strength indicator. Price is low
in the high volume area confluent with the support line. I see this as a long trade set up
and ready to go. Zooming into a 15-50 minute time frame will help find the best entry.
The RSI indicator would need to have its time frame settings adjusted I typically use
one half the chart time and twice the chart time to get a decent time spread,
Gold is forecasted by some to reach $3000 spot price in 2024. Gold and Bitcoin compete
for dollar attention. Things will be interesting for sure.
Note
GLD has bullish momentum now as seen by the volume and volatility indicators
to suggest a push to break the flat top resistance seen on the chart above
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