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GLD

The Gold Odyssey - Gold-ing Down over the next yearsI must attribute this post to my brother who texted me earlier this week asking for my opinion of where Gold is going. I did respond with a "Down" but I felt that I should also validate it properly. And lo and behold, I noticed a major pattern formation, that would break the previous trend/pattern. Gold appears to be on a VERY CRITICAL LAST DAY of the month. It needs to close well above 1685 to save it from the pattern break(down). Previously, since 2019, I started this series of The Gold Odyssey documenting Gold's bullish journey, andI think it is about time that Gold changes trend from Bullish to Bearish. The monthly Gold futures chart is shown here with two very similar pattern breaks. Well, in about 8 hours, we will know if there is a pattern break, and a new bearish pattern truly emerges... In 2011-2013, a major Gold top formed, and in this formation a couple of characteristics formed: 1. a monthly lower high was formed; 2. a breakdown below the 55 Hull EHMA; 3. a breakdown out of the triangle formation; and 4. MACD cross down into bearish territory In 2020, Gold made a historical high, and since then, Gold did these few things: 1. a monthly lower high was formed; ✅ 2. a breakdown below the 55 Hull EHMA; ✅ 3. a breakdown out of the triangle formation; and (candle NOT YET closed, on last few hours now) 4. MACD cross down into bearish territory ✅ The patterns are uncanny and a dead ringer for further downside, projected in a similar fashion to 1275 around later 2024. Conceptually, longer term patterns are more difficult to form (or break). Notwithstanding, the Gold monthly chart appears to be suggesting that the relatively trusty Cup and Handle pattern ( about 90% success ) is broken, and a bearish phase is developing with the monthly lower low and (potentially, at this time of writing) a break down out of the triangle. In summary, the long term technical set up here is suggesting that Gold will be bearish to 1275 over the next two years. Today, it is just the beginning. Food for thought here, especially for those who had loaded up in Gold over the last couple of years... will revisit once the month, and quarter, is done.
COMEX:GC1!Short
by Auguraltrader
Wednesday notes - SPX Wheat Gold DXY DAX Bonds etc.Some pre market commentary, SPX - expecting a bear trap after open, then higher. Wheat may be affected by the hurricane in Florida, Bonds hit an important fib extension, Gold looks promising if it can get over 1675 resistance, DXY also looks like it may pullback - BTC could still move to lower 18000 area before a move up (would align with one more low in equities) but it doesn't have to go down that far. Dax has broken monthly trendline, expect a retest over the coming weeks. I forgot oil - looks good for a strong bounce here, pullbacks are likely bought. OK good luck!
XETR:DAXLong
by the_sunship
2
GLD: Warm-up 👟GLD is warming up in the lower magenta-colored zone between $152.85 and $159.20, where it still has some room left to finish wave iii in magenta. Afterwards, it should jump up into the upper magenta-colored zone between $163.39 and $171.23 to complete wave iv in magenta, before sliding into the yellow zone between $150.72 and $140.40, where the overarching downwards movement should end. There is a 40% chance, though, that GLD could decide to rise earlier already and thus could directly climb above the resistance at $171.23.
AMEX:GLD
by MarketIntel
#Gold spot on critical support once againThis chart doesn't need much explanation - the $1680 has been solid support on multiple occasions since April 2020. It is also where we see intersection of both the 200 simple and 200 exponential moving averages which should provide further support. This level should hold but also watch out for the flush of weak hands and reversal above. Always safer to buy the reversal but just putting it out there how important this level is. Happy trading!
TVC:GOLDLong
by MarcoOlevano
Gold - Quiet before the storm?The price action of gold has been choppy for the past few weeks, and we are growing increasingly worried about its performance in the face of increasing interest rates later this month. Because of that, we remain bearish on XAUUSD in the short term. Further, we think if the stock market continues to manifest weakness, it will negatively affect gold. Indeed, we believe that market participants will sell their gold once again to cover losses elsewhere (just like on previous occasions). Due to that, we think gold might drift toward 1600 USD over time. Despite that, however, we are very bullish in the long term and believe that the selloff will present an excellent opportunity to add more gold to investors' portfolios. Illustration 1.01 The daily chart of XAUUSD shows two moving averages: 20-day SMA and 50-day SMA. Two yellow arrows indicate bearish and bullish crossovers between these two SMAs. The third yellow arrow indicates the natural retracement of the price toward its SMAs. Therefore, we will pay close attention to the following price action; the breakout above SMAs will be bullish while the position below them is bearish. Technical analysis - daily time frame RSI and Stochastic are slightly bullish. MACD is relatively neutral; however, it will be bullish if it manages to break above 0 points. DM+ and DM- are bearish. Overall, the daily time frame is neutral. Illustration 1.02 The weekly chart of XAUUSD shows two moving averages: 20-week SMA and 50-week SMA. They reflect the presence of the downtrend. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
31
NEM BUY+++++ way oversoldStill no change in view, NEM went lower than expected but appears to still have long term support in place and resistance around $53 range. We should see a retracement back to $63.68 .5 fibonacci range in coming weeks/ months. Copper and Gold miners are way oversold and been taken out to the woodshed with an artificially inflated dollar on the backs of $33 trillion national debt and trillions in funny money printing which will ultimately be the dollars demise. I have October 21st $52.50 calls. GL
NYSE:NEMLong
by ShortSeller76
GDX vs. BTC still holding uptrendI first published this chart in December last year with the view of owning gold & gold miners over Bitcoin. Whether you took a spread on Gold spot or gold miners(GDX) vs. BTCUSD, either one would have doubled your money this year. It has been a great trade indeed but interesting to note how strong this uptrend has been since the end of last year and there looks like no stopping this gravy train at the moment. In the absence of a technical break, I am still happy to own gold vs. bitcoin for now.
AMEX:GDXLong
by MarcoOlevano
1
GLD: Cooling off 💦It is still summer, so no wonder GLD wants to refresh itself in the upper blue zone between $163.03 and $160.17, into which it has leaped so enthusiastically that we have to wipe droplets of water from our faces, watching the chart. Here, GLD should now finish wave (ii) in blue before resuming the overarching upwards movement. However, as part of our secondary scenario, there is a 40% chance that GLD might need more refreshment and thus could jump below the support at $158, diving into the lower blue zone between $159.23 and $152.88. There, it should then do a lap to complete wave alt.(4) in yellow before rising again.
AMEX:GLD
by MarketIntel
Gold - Signs of awakening or the downtrend correction? Surprisingly, gold has been holding up relatively well despite the recent rate hike by the FED. Currently, it trades near the 1770 USD price tag, up over 5% from its low on 21st July 2022. We continue to be bullish on XAUUSD in the medium and long term. However, in the short term, we do not rule out that gold will continue to be choppy before regaining any significant momentum to the upside or downside. *The retracement toward the 50-day SMA may coincide with the end of the downtrend correction. Because of that, we are cautious. Illustration 1.01 Illustration 1.01 shows sloped resistance levels for XAUUSD. If gold manages to break above Resistance 1, it will bolster a bullish case for it in the short term. The same applies to the breakout above Resistance 2. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bullish. Overall, the daily time frame is bullish. Technical analysis - weekly time frame Stochastic is slightly bullish. RSI and MACD are neutral. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDLong
by Tradersweekly
23