Gold (AUD) daily- Ascendin' Broadenin' Wedge(ABW) inside anotherGold (AUD) daily- Ascendin' Broadenin' Wedge(ABW) inside another ABW!
GLD
GLD Short-term Neutral AMEX:GLD GLD continues to vibrate in a box with the lower price at 158 and the upper price at 165. If the market continues its bull run, GLD may break the bottom of the current box range at early July (around 7/5) when it for the 4th time touches the bottom and when it reaches the underlying support line shown in green.
Gold (USD) daily- Ascendening Broadening Wedge Gold (USD) daily- Ascendening Broadening Wedge (ABW). A real possibility of reaching for the bottom of the ABW trading range.
Gold (AUD) daily- Clear breakout from Ascendin' Broaden' WedgeGold (AUD) daily- Clear downward breakout from Ascending' Broadening Wedge (ABW). Price target is horizontal red line. Temporary relief at purple UpTrend line.
Regarding the 52% of ABW that break out downwards. 81% of those act as Reversals of the prevailing trend- Thomas Bulkowski.
thepatternsite.com
$GLD is Lined Up in Another Bullish ConsolidationGLD is still the classic option for allocation in a time of declining faith in the monetary authorities.
The question now for investors is this: will governments suddenly start to self-impose restraint on monetary and fiscal stimulus just because the economic data is starting to improve? Not likely, especially in the US in an election year.
Gold (AUD) daily- Downward breakout from Ascend' Broaden' Wedge.Gold (AUD) daily- Downward breakout from Ascendening Broadening Wedge (ABW).
81% of AWB breakouts occurs in the direction leading up to the ABW. However, this is that 19% of cases.
Note: We are at Oversold RSI's under 30. History shows, when the RSI hits these levels, usually prices bounce back up.
GOLD: Stalling at 1750 - One last dip before next leg up??Gold has been trading between roughly 1670 and 1750 for 6-weeks.
My bias is that this is more a bull flag than a top
BUT It might need a drop through the bottom of the range to collect new buyers for next leg up
NOTE: It's the Fed meeting next Wednesday
$GLD is in a consolidation pattern for nowPeople are using funds from $GLD to finance their buying of stocks for now. Wait for a pull back in the market to get into $GLD. $GLD may just bounce around here for awhile before making its next leg higher.
$GC_F: Deeply oversold on short-term charts, still bullishGold got hammered today as U.S. Treasury yields staged a decent uptick, but the long-term picture remains quite bullish as long as this consolidation channel holds.
