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:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.