you can see GLD has been following the cycles well on the daily,
recently had a resistance cycle on GLD a week ago last Tuesday and
price pulled back. On a 130 min, GLD is holding the ATR and there's
now a support cycle
that said GDX has been leading down, so that may lead to more
weakness in gold
Posted by DigiNomad on 19th of Mar 2024 at 03:46 pm
Nice high tight flag look on 130 with the cycle above just
waiting to confirm a wave 3 if broken through. It has already
proven that it can go higher with a strong dollar and rising rates
(dollar could get stronger and rates higher tomorrow if Fed doesn't
punt to the doves for political reasons, as seems to be the whisper
consensus). Whatever - it looks like it wants to go higher
despite the dollar and rates. Light volume, shallow pullback,
etc. What's not to like?
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Cycles GLD
Posted by matt on 19th of Mar 2024 at 03:37 pm
you can see GLD has been following the cycles well on the daily, recently had a resistance cycle on GLD a week ago last Tuesday and price pulled back. On a 130 min, GLD is holding the ATR and there's now a support cycle
that said GDX has been leading down, so that may lead to more weakness in gold
Nice high tight flag look
Posted by DigiNomad on 19th of Mar 2024 at 03:46 pm
Nice high tight flag look on 130 with the cycle above just waiting to confirm a wave 3 if broken through. It has already proven that it can go higher with a strong dollar and rising rates (dollar could get stronger and rates higher tomorrow if Fed doesn't punt to the doves for political reasons, as seems to be the whisper consensus). Whatever - it looks like it wants to go higher despite the dollar and rates. Light volume, shallow pullback, etc. What's not to like?