GLD ready to run 170-180, finally?

One of the most unusual things about the market over the past few months has been this "inflation fear" has not helped gold out. Typically people flee to hard assets like GLD to try to preserve value while their dollars lose relative buying power and bonds get slaughtered. arguably, bitcoin has been poaching money from the GLD trade of late.

But things may be changing....

Along with my bearish BTC forecast (

), this might even make more sense (perhaps some money rotates back from BTC to GLD after the COIN ipo?)

However, finally technicals on GLD are starting to firm up!

First, we have a very nice double bottom ('W') formation. Second, we have a descending wedge breakout. Third, the momentum indicators -- MACD, RSI are finally setting a northerly direction. The "easy" trade here seems to be a short term push to ~~ 170 (completion of the 'W' pattern (W bottom of 158 and top of 164 gives a 6 point upside projection to 170) (point 'A') while the more challenging one would be a push all the way to 180 (point 'B').

评论:

simply noting this could pause here for a bit. 200 day ma nearby. needs to consolidate a little bit, but I expect this run to continue marching higher if we do consolidate around here.

交易手动结束:

Getting pretty close to the target. i'd liek to see some consolidation around here, perhaps retest the 200 day moving average (~~173) then we should be reayd to make a run to 190-200 or higher.