Another chart that I have been following for a little bit that I wanted to share with the community. Here we have the chat of AMEX:GLD
We can see that AMEX:GLD faces strong resistance around the $190 price level. However, with that being said, we see that AMEX:GLD is on a short term uptrend.
In addition, the moving averages are all facing up and...
It may take a few years but GLD has formed a cup and handle over the last 12+ years. The cup was formed from 2011 to 2020 with the cup top at $185. The cup bottom is at $100 in Dec 2015.
The handle has been formed from 2020 to the present. The target for this cup and handle is:
Cup top + Cup Depth = Price Target
$185 + ($185-$100) = $185 + $85 = $270
The...
Hey everyone, Greg is here with a quick rundown of today’s options trading play. I entered the ring with a naked call on AMEX:GLD , aiming for that sweet spot of easy returns on a maximal Pop trade. Today’s golden ticket could net me a max profit of $118 with a probability of profit (PoP) sitting pretty at 80%, all while tying up $3000 of buying power and riding...
In analyzing the gold market, I've observed a recurring pattern of ascending triangles over the past three years. Additionally, I've identified a discreet descending channel , a pattern often associated with bullish trends. Anticipating a breakout from the upper boundary of this channel by February 2024, it's noteworthy to consider the potential role of the...
### Technical Analysis Update: AMEX:GLD Cup and Handle Formation on Monthly Chart
The SPDR Gold Trust ETF ( AMEX:GLD ), which tracks the price of gold, is exhibiting a notable pattern on its monthly chart known as a 'Cup and Handle' formation. This pattern is of keen interest to technical analysts and investors, as it often signals a bullish continuation...
Am less likely to look up a symbol of what am trading as not to build an emotional reaction to the trade. Am more concerned with the story the price chart tell me. Everything that everyone knows is reflected already on the price chart. Supply and Demand tell you a story. Learn to listen to it.
In this trade, we are looking at the most popular traded ETF for Gold....
I think is going to pull back to the 175 support before breaking out the channel. Just bought puts exp 10/20 strike 178. Is a little risky but I'm jumping in anyway.
GLD had a nice pop this week, but overall trend and positioning remains downside. Expecting a drift lower toward 175's put support before bouncing after 9/22 expiration toward 180+ into mid-October expiration. Follows the Gann Fan perfectly.
As per my Elliot Wave* analysis, Octobers low may mark the the mid-term bottom for gold and price has started to work on building the right hand side of the cup.
As long as 168 holds, I would expect the price to move towards next important resistance area 194-200 area. Ideally build a hand of the cup after reaching that level and break-out above 194 towards...
Looks like the whole Russia situation will end up proping the ICEUS:DX1! , good for a small short entry. Whole week looked like a fakeout (Elon/Zuck won't happen anymore, they knew about sub hours into it happening etc) so I'll pay close attention in this area.
In technical analysis, a "Double Bottom" pattern is a bullish reversal pattern that typically signifies a potential change in trend from downward to upward. In the context of AMEX:GLD (Gold), spotting a Double Bottom pattern suggests that the asset has tested a support level twice and rebounded, indicating strong buying interest at that price level. This can be...
Well 8 days under the 2 day MA of highs. That’s usually about it around a 4 to 1 ratio. Let’s see if we get a reversal tomorrow or Friday and how serious it is.
