GLD Bullish Outlook 06/26-30/2023
GLD is hot on my watch list as uncertainty in the world markets should cause investors to park their money in gold. GLD is down -4% for the quarter and is due for a rebound.Technical Analysis:
GLD has been consolidating in a falling wedge and is approaching the .618 retrace at 177.24.I lean bullish on
GLD as long as we don’t break the falling wedge structure and can hold above the gap at 176.18. I am expecting a gap fill to the upside at 181.37.Bears will want to see this falling wedge invalidate with a gap to fill to the downside at 173.80.
Upside Targets: 178.75 → 179.84 → 181.08 → 181.97 → 183.21
Downside Targets: 177.78 → 176.82 → 176.20 → 174.83 → 174.46
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