This is a follow up to my 8/8/19 GLD post. There was expected resistance in the zone around 50% retrace of the last Gold bear market. Gold and the ETF - GLD marginally exceeded the target with significant bearish divergences. Since the peak, daily MACD and Stochastics have had line bear crosses. Daily RSI has a bearish divergence.
If the Elliott wave count illustrated in my 8/8/19 post is correct, GLD has potential to retrace at least the entire rally since the bear market bottom. Gold price could ultimately reach $900 to $1000 zone.
GLD first support zone is in the 130 to 134 area.
Mark
If the Elliott wave count illustrated in my 8/8/19 post is correct, GLD has potential to retrace at least the entire rally since the bear market bottom. Gold price could ultimately reach $900 to $1000 zone.
GLD first support zone is in the 130 to 134 area.
Mark