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April 24th, 2020: Gold (GLD) Chart Update

Posted by pugsma on April 24, 2020

It’s time to keep an open mind on the Gold (GLD) forecast over the next 2 to 3 years.

For several years now, I’ve been looking for Gold  (GLD) to put in a Cycle B (CB) top in this $1600 to $1700 area (GLD $160 to $170) and head to new lows below $1000 (GLD below $100) for the Cycle C (CC) low near $800 (GLD $80).  This the primary (red) wave count on the charts.

However, now that Gold prices are here at $1750, it looks like the upward momentum (see MACD on GLD Monthly chart) maybe far too strong to reverse.  In fact I can see a potential bullish pattern on both the historical Gold chart and the monthly GLD chart that takes Gold above $2000 (GLD above $200).  The potential bullish Cup and Handle (C&H) pattern could take Gold to $2300 (GLD $230).  In this case Gold (GLD) reached a Cycle 4 (C4) low near $1000 (GLD $100) and is headed higher to $2280 (GLD $228) for the Cycle 5 (C5) wave.  This is the alternate (blue) count.  The alternate (blue) count makes some sense with all the unexpected US Federal Reverse stimulus ($6 to $10 Trillion) coming in to the markets over the next year or two.

GLD Weekly Chart:

Gold Technical Analysis

GLD Monthly Chart:

Gold Technical Analysis

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