GLD
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.
Gold is approaching breakout zoneGold is slowly, and surely, starting its move towards its breakout zone.
MACD is supportive, 55EMA is bullish... waiting for breakout confirmation.
A triangle pattern, pennant, breakout is expected for a target of 2000.
Watch for it.
$GLD Approaches Another Bull Trend BreakoutGLD will likely be in focus this week as chaos erupts in the US and the money printing from the Fed continues unabated and holds the safety net in place.
The range under construction over the past two months appears to hold a bullish trend continuation posture.
Gold update: Extended consolidation in wave 4 - down then up Gold got stuck in an extended consolidation of wave 4, which shapes double three WXY.
The completion of the last wave Y down is expected at the low of wave W around $1658.
Then the last wave 5 , that was widely expected long ago could kick off finally.
The target area is highlighted with a blue box between 1805 and 1921.
