Beutiful reversal off the lowsCaught support at 178 bouncing perfectly off the bottom trend line of the channel GLD is in. 178 is correlated with 1900 gold/USD so seeing a good bounce off that level should give us more upside in the near future.
GLD trade ideas
GLD - Gold is slowly & surely bullish to meWeak dollar, strong gold, with the stimulus is sending out and another bigger check is getting ready, I don't think there is better reason for gold to go bearish in 2 3 months
Consider this as falling wedge, we're trading break out as usual, TP1: 180-181 zone, TP2: old ATH.
GLD target 200 for wave 5Overall, nice bullish momentum on GLD and gold as a whole, after lows put in back in Nov/Dec. Targets are a wave 3 to 187, wave 4 pullback to 180, and ending in a 5th to 200. This agrees with our analysis on further downside for DXY (dollar index).
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Copyright Rohan Karunaratne 2020
GLD breakoutBeautiful channel breakout after consolidation. Quite possibly a retest of previous highs coming soon with DXY taking a dip inversely correlated with the market move up.
GLD Weekly BreakoutDriven by the recent stimulus package, GLD is breaking out of it's wedge and has a nice long term play on the weekly chart. Ichimoku lagging indicator (white) is bullish, and there is plenty of support from the cloud (green shaded area and red line) down to 165. Price is also right in the middle of the regression channel (blue and red shading) , based on the long term run up. Crossover (blue and red) is still in bearish territory and it may be best to continue to monitor this for confirmation to buy for a long term play. There's a price gap around 180 for an entry point for shorter term bulls. Price is well above the 200 Moving Average (yellow line) so it could easily pull back there if the fundamentals change. RSI shows no indication of it being overbought.
GLD swing entryGLD is a gold etf, it has been consolidating in a bull flag for quite some time and i believe we see a large move upward in the next couple weeks as it just broke a major trend line. There has been plenty of governement spending recently and with Biden getting elected, we should see an increase in spending and stimulous. Any increase of supply in the USD will result in inflation and in turn, cause asset and commodity prices to rise. This is an excellent point to enter into a long term position in gold, whether in a gold ETF, mining companies, or futures; however, the entry im shoing in this video is to take advantage of a trend break and i believe that short term we should see a large rise in GLD.
$GLDGold had a solid year in 2020 gaining more than 20% as a long base breakout that triggered in June 2019 continued to play out higher and reached its measured move objective while the rally briefly broke above 2011 highs before pulling back. If we look at Fibonacci extension targets of the 2011-2015 correction GLD has upside targets at $207 and $220. The 2018-2020 rally has Fibonacci retracement support levels at $162.5 and $152.5. Gold rallied in 2020 on economic uncertainty and a flight to safety and has pulled back in Q4 with the greater optimism for 2021 taking hold. On an allocation basis, Gold may be losing some of its luster as a store of value with the momentum seen in Bitcoin, although that has not been seen to this point with global gold ETF inflows topping a record in 2020 as a way to diversify portfolios and hedge against inflation. However, November saw the second largest outflow on record. In 2020 the lockdowns resulted in a 5% decline in global output, so the supply-side is expected to rebound in 2021. Gold prices should be supported by inflationary pressures, a deep fiscal deficit and a weaker US Dollar. Goldman sees Gold reaching $2300 in 2021 as recovery from the coronavirus-related recession fuels higher inflation next year. Further fuel could be added from a recovery in demand from India and China.
Inverted Cup & Handle in the making for GLDAt lower timeframe the candles already break the flag pattern.. to ensure the break is valid, we shall double check with 1 hour chart to make retracement and continue up..
Possible #HeadandShoulders Bottom Forming $GC_FNeckline around that $178 level. I am long $AUY from last week (but no fire works yet).
Pet rock getting ready to partyPet rock looks ready to start its next leg up. Fundamentally it couldn't be any better environment.
What Is Good Code?Programmers are artisans—not scientists. Our code must work, yet good code is not only tested and functional; it is a pleasure to read. Good code is that which others can learn from and enjoy the most. It is beautiful. It oozes the care that went into each line, leaving only those with unassailable purpose. Good code is whole; lines cannot be removed without compromising one of any good program's essential qualities: functionality, readability, elegance.
Good code is as often ingenious as it appears to be obvious. Its elegance masks the programmer's labor, like a ballerina twirling on stage. Good code frequently makes comments unnecessary, yet they conveniently appear in complex passages to assist the reader. Good code reflects a programmer's agility in cycling between the macro and micro views of his code; better programmers are both astronomers and particle physicists. They are also artists.
Good code is equally usable by other coders and by users of the program. It is always the work of an optimist because it represents an investment for the future, a proud bet the coder's effort is worth it because his code will last. If it does, it will shine as good code does when it must be revisited by its author or someone else.
Like wine, good code sits in silence during its making. Aging code allows us to shape missing elements and recognize superfluous bits. Code reveals the intimate nature of its maker. It brings to light an author's thought processes and how he expresses them. Only good humans can write good code, people who care for their work, and for those who will use its result.
This is the code we used to create this chart:
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study("Good Code", "", true, scale = scale.none, max_labels_count = 500)
int i_charsPerLine = input(300, step = 50)
int i_lines = input(160, step = 50, maxval = 499)
var string letters = array.from("G", "o", "o", "d", "C", "o", "d", "e")
var int lettersQty = array.size(letters)
// Create i_lines strings of i_charsPerLine randomly selected characters from our array.
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// Cover the chart with random pattern of characters.
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_textLine += array.get(letters, int(random(0, lettersQty - 1)))
label.new(bar_index , _i, _textLine, style = label.style_none, size = size.normal)
// Overprint the larger text in the middle a few times to gain density.
label.new(bar_index , i_lines / 2, "Good Code", style = label.style_none, size = size.huge, textcolor = color.blue)
label.new(bar_index , i_lines / 2, "Good Code", style = label.style_none, size = size.huge, textcolor = color.black)
label.new(bar_index , i_lines / 2, "Good Code", style = label.style_none, size = size.huge, textcolor = color.black)
Massive Cup. Handle incoming?The cup in GLD is too obvious to ignore. I see this reaching 158.55 by March. I bought Mar 19 166 Put to play this.
Once might say there is a handle but that seems like a super shallow handle for a 8 year cup.
GLD is clearly in a correction!
GLD is clearly in a correction!
Please allow me to elaborate more on an earlier article on "GLD Current Correction" on December 8, 2020. Just some thoughts on GLD SPDR Gold Trust Gold Shares NPV current correction, GLD probed the new high price of $194.20 (as of market close on Aug 3, 2020, per the weekly chart). The weekly chart of GLD SPDR Gold Trust Gold Shares NPV shows the security is currently in a correction. The correction started on Aug 3, 2020, to Friday, December 11, 2020, per the weekly chart.
According to The Elliott Wave Principle, the principle tells us that five waves move in the direction of the main trend, and three waves that will follow that is a correction. I have marked the three phases of the current correction for GLD SPDR Gold Trust Gold Shares NPV with A B C. The current bullish trendline is also marked with a green linear line.
Previously, I mentioned that if the price plunge below the major bullish trendline around $165.65, then there is a higher probability for a further correction. Why? One of the reason is because of human psychology. If that happens in the future, bears are more likely to feel more confident and will short sell this security more. Please note I just one to mention the subject of human psychology. There are many more reasons.
Previously, I also mentioned that the current volume is low. Volume is low according to the weekly chart. I also mentioned that this security may retest the previous price level of $183.69. That is a possibility. Included is the MACD Moving Average Convergence Divergence indicator. To summarize, MACD Moving Average Convergence Divergence is a trend-following momentum indicator. The weekly chart is showing the indicator MACD at a major point. Will MACD reverse the current trend or continue lower? This is a big discussion and I think I will save that for sometime later.
To summarize, GLD is clearly in a correction phase! MACD Moving Average Convergence Divergence is at a major stage. Will GLD resume the current uptrend or will the current correction continue further? That is up to the market's final decision and let leave that for another discussion and many further interpretations.
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Greenfield
Disclosure: Just an educational market opinion by Greenfield Analysis. This is not a recommendation. Greenfield Analysis has no investment in any of the securities mentioned in the article, no plan to initiate a trade in any of the securities mentioned, and does not receive any compensation for this market opinion.
Gold Near Powerful ResistanceGold is seasonally bearish into late December. The recent short term rally stopped below two very close Fibonacci coordinates. Two coordinates very close together usually provide powerful resistance/support.
Daily Stochastic is near overbought. It's possible a short-term top could already be in place. If no, a rally into the Fibonacci resistance could be a terrific shorting opportunity.
Mark
GLD - Dec & Jan are its bullish seasonality months.If you are a believer of seasonality, then GLD is no longer bearish in the next few weeks.
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
Swing trade series post 1, GLD (SPDR Gold Trust)What is GLD?
SPDR Gold Trust is an ETF that follows gold, and an alternative to trading XAU/USD (gold/us dollar).
Technical analysis
As of today, the overall trend is bearish (on the daily timeframe), and there is a strong support (now resistance) above the stock price. The target is the newest support made by GLD when it broke below the current resistance. The stop-loss is just above the current resistance. The entry is right below the resistance.
Other details
This trade can make around 3.8% profit, with a risk of only 1.9% (below the recommended maximum capital risk of 2%). It has a risk to reward ratio of 2, meaning the reward is twice as high as the risk. This is a swing trade and will take around a 1-2 weeks to complete.
Final thoughts
I’ve decided to make a series of swing trade ideas along with educational posts (I’m currently working on one and will make them public every Sunday. Unsurprisingly, they take a lot of time and effort to finish considering the research that needs to be done, so once a week is my timeframe). If you want, you can put in the comments a stock you want analyzed and most likely it will be the subject of the next post (unless there are a lot of suggestions, in which case I will pick one with the best trading opportunities). Good luck and great trading!
*This is not financial advice, although if you agree with my analysis you can always take the trade.
