#GLD #GOLD looking like its close to a top in the macro channel and on its way to 195. Levels and ideas in video! Would think a short around 195 is possible and good r:r. Not financial advise.
Is this recovery a bull trap? or are we still going to drop? If you say you know- hell maybe you do because I don't. All I know is Gold is Gold and could run if the price goes up lol.
If we look at a WEEKLY big picture chart we can see how important this 200EMA has been. Apart from important recent horizontal lows we can see how a pattern of diagonal support/resistance channels has been established. If a retrace back to the initial breakout zone happens..... then even 1128.71 USD would be a possibility.
Currently, GLD is in an consolidation channel. I believe it will remain in this channel as the SPY continues to test the all-time highs.
My plan is to set a limit order for 117.80 with a stop at 115.91. I believe that the SPY has some more room to rally which will get us triggered into this trade as GLD pulls back.
The SPY is also in a channel and has been...
As we all know the SPY and GLD have an inverse relationships. When the SPY goes up, GLD goes Down. However Gold has been going up and so has the SPY. More so, as the SPY comes into its all-time highs, GLD appears to be consolidating at its 2016 all-time highs.
Both are at their all-time highs for the year but gold has been consolidating (resting) at these highs...
Nothing yet - just to get started, as gold and gold miners are extremely depressed and sentiment is at extreme as well. Monitor and get ready when trend begins to turn, if ever.
GLD/SPY ratio starts to break out. August 2008 had a similar breakout, and in the following 18 months, SPY lost about 50% and GLD gained about 50%. Is it happening again under our eyes? Who knows. But this is something we certainly should keep two eyes on!
