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March 27th, 2020: GLD Chart Update

Posted by pugsma on March 27, 2020

GLD has retraced to 155.66 just below the 88% Fib of 156.58 for major [2]-P1-CC.  The next move should be a major [3] wave to a target area of 123.50 pivot, where [3]=1.38[1].    The 23% Fib for major [4] is at the 130.5 pivot and then there should be a final major [5] wave down to 119.83 to complete P1-CC.

GLD Daily Chart (EOD 3-26-20):

Gold Technical Analyhsis

GLD Weekly Chart (EOD 3-26-20):

Gold Technical Analysis

3 Responses to “March 27th, 2020: GLD Chart Update”

  1. rat8nine said

    gld and gdx 60 – there is very little sentiment out there that price should drop to the lower line for [3] of your count….as there was very little sentiment for a major drop in spx or oil six weeks ago…

  2. Thanks for the update. It seems like everyone out there is very, very bullish on gold.

  3. R Swaim said

    As an alternate count, any thought about the possibility we are just putting together the right shoulder of an IHS?

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