SPDR Gold TrustLong
New bull market in Gold
As per my Elliot Wave* analysis, Octobers low may mark the the mid-term bottom for gold and price has started to work on building the right hand side of the cup.
As long as 168 holds, I would expect the price to move towards next important resistance area 194-200 area. Ideally build a hand of the cup after reaching that level and break-out above 194 towards important next targets: 212-224-230.
Also notice the "Mona Lisa" of cup-and-handle pattern in GLD on a monthly time-scale
The symmetry and volume dynamics, that subsides in the handle area, is almost picture perfect.
Trading thesis: I will be looking for price to digest its rally from Oct lows, preferably around 177-180 area, creating a cheat pivot and relatively low risk entry point. This entry, if materializes, may create a good long-term opportunity to build position for the coming 2024 and potentially beyond.
* Important caveat to EW: I use it solely to have a subjective idea about sentiment and overall structural context to support, but not guide, my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
As long as 168 holds, I would expect the price to move towards next important resistance area 194-200 area. Ideally build a hand of the cup after reaching that level and break-out above 194 towards important next targets: 212-224-230.
Also notice the "Mona Lisa" of cup-and-handle pattern in GLD on a monthly time-scale
The symmetry and volume dynamics, that subsides in the handle area, is almost picture perfect.
Trading thesis: I will be looking for price to digest its rally from Oct lows, preferably around 177-180 area, creating a cheat pivot and relatively low risk entry point. This entry, if materializes, may create a good long-term opportunity to build position for the coming 2024 and potentially beyond.
* Important caveat to EW: I use it solely to have a subjective idea about sentiment and overall structural context to support, but not guide, my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
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