GLD Long. Gold Weekly Breakout!! Target = $2300 (GLD =$215)

Overall I am a $BTCUSD BULL but we must admit that currently $BTC is faltering and possibly in a Bear market. I think that the money that fled to BTC from Gold will be coming back. In addition the chart of Gold has been forming a GIANT Wedge with the apex rapidly approaching. This is a Bullish consolidation formation. WE have just today closed above the top of the Wedge line resistance. I realize this is a WEEKLY chart and the week is not over yet but I see a Bullish Divergence on the MACD with a Break above the ZERO line and we dont have much more time before the apex. Also we have been testing the overhead resistance line many times over the last 18 months with most of those tests in the last 3 months.

This is a GOLD chart and not GLD but its almost identical chart with ability to easily trade paper Gold using GLD.

The upside Target Price of the breakout is the max height of the wedge which would put the Gold Price at $2300 which equates to about $215 on the GLD.

Long GLD @ $171.18.

Trade what you see!

Trade active:

Looks like we have liftoff. I would expect a drop back down to retest the breakout wedge as support and then resume higher. At this point we must close above 1877.15 to confirm a new higher high. Well into profit on this already.

Comment:

Trade turning out as planned.

Tried to ADD to GLD position today @ $173.41 but order did not fill. I will wait until Gold Price drops to ~ $1846 before ADDING. For now letting winner ride.

Trade active:

ADDED to GLD position Entry @ $172.88

Trade active:

Nice POP this AM premarket. Glad I aped into $GDX yesterday and added to $GLD before that. Currently heavily weighted toward LONG Gold positions.

Looking to ADD to this position but will NOT FOMO.

Both GLD and GDX trades playing out EXACTLY as expected.

Trade what you see.