February 4th, 2021: GLD (Gold) Chart Update
Posted by pugsma on February 4, 2021
On the daily chart: GLD is very close to putting in a death cross of the 50-day SMA below the 200-day SMA.
On the weekly chart: There is support near 156.50 pivot and at the back-test of large Cup and Handle Pattern break-out level near 162.
The primary (white/green) wave count has a P4-C5 target at the 38% Fib of 162.76. Once P4 completes, there should be one final rally above 194.45 for P5-C5. Below this 162 to 156.50 pivot area, the alternate (blue) count with the P5-C5 top in place 194.45 looks like the path forward towards 114.50 pivot. Note: Technically speaking the P4-C5 wave is free to drop as low at the P1 top at 131.15, before the primary (white/green) wave count is eliminated.
GLD daily chart:
GLD weekly chart:
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