Matt, GLD was extremely oversold and bounced off a major 1.618
Fibonacci Expansion (support) level (160.96) It was also testing
the .382 retracement to the Aug 2018 low (162.60). Additionally,
early this week is the 10th Fib turn window off the August
highs. With the low being 160.95 on Friday that is the
optimay of bouncing off a confluence of time/price support.
Simultaneously, Silver was oversold and bounced off its trend
channel (support) from November also almost to the penny.
Those bounces occurred while the dollar was rallying on Friday
and held as equities sold off into the close. While admittedly most
retail traders had no idea those support levels even existed, quant
programs running billions of dollars certainly did. I bought
on Friday and posted about the expansion target on Friday as well.
I am selling into this gap...not buying.
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Matt, GLD was extremely oversold
Gold and Silver bouncing nicely, up 1 and 2 percent ...
Posted by chartboy on 1st of Mar 2021 at 09:56 am
Matt, GLD was extremely oversold and bounced off a major 1.618 Fibonacci Expansion (support) level (160.96) It was also testing the .382 retracement to the Aug 2018 low (162.60). Additionally, early this week is the 10th Fib turn window off the August highs. With the low being 160.95 on Friday that is the optimay of bouncing off a confluence of time/price support.
Simultaneously, Silver was oversold and bounced off its trend channel (support) from November also almost to the penny.
Those bounces occurred while the dollar was rallying on Friday and held as equities sold off into the close. While admittedly most retail traders had no idea those support levels even existed, quant programs running billions of dollars certainly did. I bought on Friday and posted about the expansion target on Friday as well. I am selling into this gap...not buying.