GLD Trend AnalysisWe're continuing in this downward trend but primed to breakout to the upside. Accumulation/Distribution shows large accumulation dring tthis entire retracement
O87 trade ideas
GLD Breakout Rejected. Bullish for Equities.GLD formed a nearly decade long base. Resistance was broken but overhead supply was dumped on heavy volume and the price action quickly retreated below the former high. GLD downtrend ever since. Closed below its 150MA. Bearish for GLD and safe heaven assets. Bullish for risk equities. Don't fight the trends.
GLD - Bull TrapNot gunna lie, this position makes me sad.
But when the charts change, my mind changes too
Classic bull trap here. Its consolidating before its next leg down. I think it is going to retest the lower boundary of the parallel channel.
Thanks
go long GLDThe inbound stimulus will cause a flight to inflation protection type assets such as gold and bitcoin. GLD being the most popular and heavily traded in terms of volume is the obvious choice to play gold prices directly. As fiat currencies lose their value, gold prices will rise.
This is also a good ETF to use for options because of how heavily it is traded, it is more likely that your trades will execute and have a bidder or seller for your desired price.
Gold is still a valuable component of a well-diversified portfolio. Bitcoin lately moves more like a risk asset.
Gold in its final corrective wave before bull marketThesis: Market structure for Gold is playing out similarly to the 2008 crash of the S&P500. With the FED rapidly increasing QE, it makes sense that the S&P 500 will see gains for the next year or two, and gold will continue to bleed until we reach an overall market top. From that point on, I expect a huge bull market for precious metals (GLD & SLV).
GLD to see a short term drop followed by long breakoutGLD has seen three major drops during its consolidation that always made significant new lows. We are in the midst of a forth. What makes this one different is that the preceding price action is more bullish. This demonstrates strength not seen with the other drops and so I don't see this one making a new low. If we see it drop below 166 (there are valid arguments to suggest that), then I'm wrong, and we'll be in for another month and a half of consolidation at that new level.
If Tuesday is indeed what I'm predicting, a small candle closing between 169 and 171, I'll buy a small position with a 165 stop. The reason for only trading a small position is because I'm trading a breakout that is probably a couple weeks away (kind-of like catching the falling knife trade) so I want to keep my risk low. When GLD does finally break, I expect it to climb into the 200s.
GLD200 day test but fell back below trend. Watching for now. Think it breaks back above but being patient here for now.
/GC watch for reversal/GC formed reversal pattern on daily 200sma, we entered calls today for March. $SLV
GLD target raised, 220 for wave 5Despite today's correction, if this pullback was considered to be the wave 2 corrective, then the overall expectations have been raised for a wave 3 to 200, wave 4 pullback to 190, and ending in the 5th wave to 220.
Disclaimer: The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.
Copyright Rohan Karunaratne 2021
GLD Bearish ScenarioI can also see cup and handle on a Monthly chart which is why I wouldn't trade Gold either way at the moment. It's above Weekly SMA40 and I wouldn't short it for sure as long as that it the case. It's still holding VWAP from ATH as well.
Reason why I publish this idea is to be able to follow the price nothing more, it is not an investment advice of any kind, I'm a beginner trader with very limited experience and exposure to Markets still so take any idea you see from me with the grain of salt!!!
Reason why I charted bearish scenario is because I saw on Hedgeye that according to then Gold should spiral down so wanted to give that information a chance for a little contrarian practice.
Basically if it is correct I wouldn't short Gold before September/October this year. That's when R/R ratio seems to be the best.
Last time that was a nice 73ish % drop.
Good luck to all Gold traders out there. If you agree of disagree please do comment and share your own ideas, just no insults or sarcasm. Most of us on TW are here to learn and that takes time.
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 - 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).
Disclaimer: The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.
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..
