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:
GLD Monthly Chart:
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