A look at $GLD 30/60min & daily charts…bouncing off the first support targets today. $GDX
GLD - 30 min chart: We are finally entering the support zone that we highlighted twice earlier this month. We noted the GLD 105.35 level as a Fibonacci support level. There is also a lot of additional support below that (see the brown support zone on the 30min chart). The only thing we’ve added is the price objective of the bear flag at 101.11 — what we think would be the absolute worst case scenario.
The second chart is the GLD 60min chart. This chart highlights the bullish falling wedge that we are currently in. We consider this pattern a halfway pattern for the current impulse wave. Notice the RSI making a second bottom. Additionally, you’ll see a price objective for the h&s from the top. The bullish falling wedge pattern is now complete…all we need is for the top rail to be taken out.
Also posted is the GLD daily chart showing our first line of support on the last top symmetry neckline rail at 105. If it doesn’t hold, then the old neckline at 101 would come into play. We are definitely entering the support zone on the daily chart as you can see.
Just a normal correction in an ongoing bull market in gold.
