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Gold GLD Update…All Aboard ?

Commodities / Gold and Silver 2018 May 11, 2018 - 12:04 PM GMT

By: Rambus_Chartology

Commodities

This first chart is a daily line chart for GLD which shows it has completed 5 reversal points so far and is working on the all important 6th reversal point back up to the top rail. This is where the bulls need to step up to the plate.


The weekly chart below shows the 2 1/2 year triangle that has been building out with 5 completed reversal points so far. A touch of the bottom rail will complete the 6th reversal point creating a consolidation pattern. If the bottom rail is hit the bulls will need to hold support to create a 7th reversal point throwing the triangle back into the reversal category.

The long term monthly chart shows the bear market downtrend channel with the 2 1/2 year triangle.

This last chart for GLD is showing the possible 5 year H&S bottom with the golden neckline. That little blue flag which is forming just below the neckline is keeping everyone in suspense waiting for a resolution. This is a massively large pattern that will lead to a very big move if the H&S bottom plays out. It seems pretty obvious that the breakout will be to the upside, but stranger things have happened in the markets before. So close but yet so far away. There will be plenty of time to board the train if the H&S bottom completes.

All the best

Gary (for Rambus Chartology)

http://rambus1.com

FREE TRIAL - http://rambus1.com/?page_id=10

© 2018 Copyright Rambus- All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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