Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

May 7th, 2020: GLD Weekly Chart

Posted by pugsma on May 7, 2020

Continuing 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.  GLD needs to remain below the recent 164.42 high to keep the primary (red) count valid.

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

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: