GLD / Gold my pause of llr reverse from this level GLD has completed the reverse Head and shoulder breakout target. Expecting to pause for few weeks or get a significant pull back.
GLD
Xauusd weekend analysisGold against dollar's bullish run looks like decided its destination on 1675, and 1675 become the key area to decide its fate ,if it breaks it will go high , else it break out the resistance to take control by the bears...
Gold is not looking good in the long termBased on the above chart, GLD must retrace its path back to its support line.
Currently, GOLD is holding out well with respect to all the commodities. Remember during the 2008 slowdown, Gold fell too. The full force of the slowdown has not been experienced so far.
I am anticipating large fall in Gold price.
Gold primarily driven by the underlying demand from Customers who see value in it. Whenever the Gold price reaches beyond the common man purchasing power it falls automatically.
What we are experience now is the first leg of recognition.
Gold (GLD) can fall only by 2%. Strong bull trend- medium term.Gold ETF can be used to see the trend of Gold. The way jump from sub 140 level to significantly higher than 140 at 143 has taken place in early August, we have signs of the overall sentiment as strongly bullish. With RSI hovering around 60 in past 2 months, it is evident a strong uptrend is present. At the moment, we can see the strength declining and we can expect a fall to 141.5 and further to 141. If we breach 140 in coming week, we will have strong support at 135-137 zone.
