In late April, I wrote a chunk of analysis on Gold and its prospects for a short-term rally.
That was a short-term evaluation that hinged on Gold’s breakout over its downtrend line. It did simply that.
Right here’s an excerpt (observe Gold = $GLD ETF) – Gold costs are in a near-term downtrend. There’s a “very short-term” buying and selling wedge that, if damaged to the upside, can be constructive (see chart). There’s additionally a barely wider lens short-term wedge that has $118 as help and $123 as resistance.
It took GLD a number of extra weeks of backwards and forwards inside the falling wedge, however ultimately Gold surged over resistance. This brings us to at the moment and the prospects for a wider lens, longer-term breakout…
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$GLD Gold “weekly” Chart
Gold (GLD) just lately surged as much as check the February highs round $127. That’s now our short-term resistance. Ought to GLD commerce over $127, then the BIG stage of $130 comes into play.
That’s the battle that everybody desires to see. It’s the bull-bear line within the sand – a three yr worth resistance line. That is the equal of $1375 Gold futures. If we get there… it will likely be vital to look at.
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