One of the Elliot wave guys thinks Gold may try a direct
breakout above resistance without a proper wave 2 correction. Does
he know that retail sentiment on Gold is 92% bulls. How much more
room to the upside is there with that many on the bullish side?
"As I write this, the GLD is attempting to break out despite not
seeing a clearly defined 2nd wave. Yet, the GDX or silver
have not done so. Moreover, the MACD has now turned up again
even though it has not turned down to the ideal pullback set up.
So, it may attempt a direct break out.
But, if the GLD will break out, I would expect GDX and silver to
follow. So, I will be watching these resistances over the coming
week."
https://www.elliottwavetrader.net/p/analysis/GLD-Trying-To-Break-Out-202301138269610.html One of the Elliot wave
Posted by steve101 on 16th of Jan 2023 at 01:09 pm
https://www.elliottwavetrader.net/p/analysis/GLD-Trying-To-Break-Out-202301138269610.html
One of the Elliot wave guys thinks Gold may try a direct breakout above resistance without a proper wave 2 correction. Does he know that retail sentiment on Gold is 92% bulls. How much more room to the upside is there with that many on the bullish side?
"As I write this, the GLD is attempting to break out despite not seeing a clearly defined 2nd wave. Yet, the GDX or silver have not done so. Moreover, the MACD has now turned up again even though it has not turned down to the ideal pullback set up. So, it may attempt a direct break out.
But, if the GLD will break out, I would expect GDX and silver to follow. So, I will be watching these resistances over the coming week."
elliottwavetrader.net
GLD Trying To Break Out - ElliottWaveTrader