Tuesday, May 16, 2017

GLD: A Trendline Study

Here, the first occuring and steepest angle uptrend line in GLD had three shorter uptrend breaks within it.  Topping in February, it broke, and bottomed in March.  From that low newer highs were achieved in April, finally breaking a less steep uptrend line in early May to hold at the current very shallow angle line – matching the Trump Range base!

Only one significant break is generally acceptable for such trendlines, and then a new high must be forthcoming or recent lows will likely be tested.  This is a strong tendency, and the inverse is true for downtrends.

The Trump Range remains significant resistance, enabling a measured and relentless move upward, which is just what the doctor ordered.

Stay Tuned!

No comments:

Post a Comment