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GLD

GLD Current Correction! GLD Current Correction! GLD is an investment fund that tries to achieve the performance of gold bullion less the expenses of the fund. This fund is currently testing the previous high on September 6, 2011. The fund had a strong bull run since May 28, 2019, and is currently having a correction. I have indicated the major bullish trendline on the chart of GLD with a linear green line. If the price plunged below the major bullish trendline and below $165.65 then I expect a further correction. Otherwise, currently, I have a short-term price target of $183.69 for GLD. Volume is low right now with the current correction; therefore, I expect GLD to retest the previous price level of $183.69. Just a humble market opinion by Greenfield Analysis. This is not a recommendation. Greenfield Analysis has no investment in GLD, no plan to initiate a trade in GLD, and does not receive any compensation for this market opinion. Please click Like and follow to see more. Thank you for reading. Greenfield
AMEX:GLD
by GreenfieldAnalysis
Gold Buy Signal!!Gold retraced nicely from 1750/60 area, and i believe that the last bounce is impulsive as we can see a 5 wave formation momentum. that means any pullback for gold between 1820-1805 level is an opportunity to long gold. i know that the vaccine news can work against our analysis but with all respect i think that the market already discounted the vaccination news. so gold most probably will be affected by the stimulus program that will be adapted form the treasury.
TVC:GOLDLong
by josephdahrieh
GOLD - WHAT IS THE DEAL WITH NOVEMBER?Gold has entered the pivot zone. The hard metal is always a hold to me personally, but it helps to study the charts to get an idea of the algorithmic driving forces and other oddities. In this case, I couldn't help but see this Nov Nov Nov trend and the math behind the madness. The pattern suggests it'll be supportive. Watch it closely the next few weeks. We need to see strength come in to confirm support and upward continuation. Do not dismiss the possibility of a deeper correction.. There's no such thing as "impossible" when in comes to financial assets.. especially in 2020-after all, we did see oil trade MINUS $37 this year. Keep an open mind while in wonderland.
TVC:GOLD
by gghsusa
14
Weekly Gold chart shows weak technicalsLast weekend was warned of an imminent drop in Gold, which happened just on Black Friday. The weekly gold chart suggests that price is lagging its indicators as MACD is cutting down into bearish territory fast Price Strength is similarly pushing down with momentum Some net buying from Non-Commercials (orange line) More net selling from the Top8 traders Having broke down two supports, the next is on the 55EMA, about 1760. And downside target is 1640 towards the end of 2020.
COMEX:GC1!
by Auguraltrader
Gold just broke down again! Yesterday was Black Friday, and gold turned down a little more significantly, dropping from 1810 to 1775 within 15 mins. This break down was previously anticipated, following a short consolidation just after a significant move to 1800. Technicals support further breakdown, with MACD and Relative Price Strength accelerating. Projections put Gold at 1750 early a December. This downdraft was not concomitant with a rise in the USD, which currently does not look likely yet. So noting this, if there is a sudden USD rally, there could be enough fuel to propel gold prices to 1640. Do recall that 1600-1640 was much earlier targeted as the bottom of the handle in the long term multi year Cup&Handle formation. So we may just get there regardless...
COMEX:GC1!
by Auguraltrader
Gold broke down... hello 1800And we may see 1600 for Gold (GC1!) if 1800 does not hold. Gold had been stalling and consolidating, wondering what to do over the past three weeks. Had projected earlier that it is on the way down to 1800, and then as far down as 1600. Even earlier, mid-August was the targeted date for a Gold top and that was done... so now, with technicals supporting the downdraft, and Gold futures breaking down, it is even more likely 1800 would be reached very soon. Overall, Gold is in a secular long term robust bullish trend and I would be wary to short it; just that the volatility is high, so the range is way broader.
COMEX:GC1!
by Auguraltrader
2
Gold is tilting to fall over...Given my previous analyses, Gold kept to the mid-August high, attempted a breakout of the triangle and fell back in... which is bearish by nature telling of an exit point at the other (down) side. Since the media called the results of the US elections, the USD had been in a volatile flux, and so is Gold, albeit consolidating in a range nonetheless. A close below 1860 will mean it’s going down quickly to 1750 to meet the 55EMA. MACD is downtrending and suggests this scenario. However, a drop to 1600 was projected previously, but the Relative Price Strength suggests that might be a bit further, if at all. Many moving parts to this outlook... 1. Gold looks weak as technical breakout failed and expecting a fall out on the other end of the wedge. 2.MACD indicates, with Price RS weakening, and Net Non-Commercial Interest (orange line, lower panel) continue to wane while Top 8 traders start to go more net short (yellow line, lower panel). 3. Dependence on the USD strength only for downside risk. The recent USD weakness did nothing to Gold’s rally (for the first 2.5 weeks of November. However, the USD rebounding strength is likely to enhance Gold’s weakness to the downside. 4. Noted a surge in BTCUSD (Bitcoin) and some other selected Cryptocurrency. This looks like a leak in the money flow system where and “alternative gold” is favored due to the lack of Risk-On. Watch out for Gold in the near term downside risk. It will come back but needs a good pullback, as it usually does.
COMEX:GC1!
by Auguraltrader
Everything Update 11.20.20Taking a look at the weekly progress of multiple correlated markets and updated price targets: Bitcoin, Gold, Silver, USD, S&P500 Bitcoin Excluding the March mayhem deviation in price, weeks ago there were hints of a parabolic trend starting to develop. The breakout of a macro downtrend and weekly candle close above it was the buy signal. Using macro fibonacci extensions I'm still anticipating a relentless squeeze with occasional dips to the longer term target of about $33,700, and will be watching for volume to start trending up. US Dollar Weeks ago it appeared a consolidation pattern was forming and momentum was to the downside. I am still projecting one more leg down followed by a swift rebound up to the 200 week E M A. Eventually rolling back over to the longer term target below. Gold Not much changed with gold this week. Looks like a base is still building at the previous all time high levels. Using macro fibonacci extensions, the intermediate term target is still $2300ish. Next buy signal for Gold is a break out of the downtrend with the daily MACD above zero. Silver Weeks ago a consolidation pattern was forming. Now that pattern has been validated and a breakout is imminent. Target $35ish. Using the macro fibonacci extensions the longer term target looks to be around $58 or even $86. SandP 500 Lots of speculation of a crash here. My thoughts are that reality lies somewhere in the middle and money will flow into the SandP stocks that have not fully recovered yet. I'm looking to buy short term dips, especially near the grey bars where heavy volume came in previously. If the dollar continues it's descent into the abyss then the SandP, along with all the aforementioned markets, will surely go up, up, and away. Trading is risky. Don't do it and don't listen to me. Long Crypto: BTC, ETH Gold: MGCG21, PHYS, GDX, other mining stocks Silver: SLV, CEF Other Equities: Oil/Gas stocks, TCEHY, BABA, and others
BITSTAMP:BTCUSDLong
by ryan-snk