Sunday, August 17, 2014

Gold ETF (GLD)

Gold ETF $GLD weekly chart;
Downtrend is clear
Double bottom clear, followed by higher lows, pattern intact so far
Focus on these two recent patterns (see red arrows on chart)
The bullish scenario ; GLD breaks out above 127.5, and remains above it next week.
The neutral scenario ; GLD dips below 122.5, then rises to break out above the blue trend.
The bearish scenario ; GLD dips hard below 120 (doubt it) 

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