Gold’s Technicals Are Actually Quite Bullish (GLD)

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November 8, 2017 5:41am NYSE:GLD

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From Corey Rosenbloom: We posted about a Bullish Surge in Crude Oil this morning, and we’ll now combine that with a bullish reversal into a rising range environment for Gold.


What does that mean and what’s the planning levels right now?

Gold

Let’s start with the hourly (intraday) chart on the left.

We have Gold (@GC) falling from a resistance high – on negative divergences – from the $1,305 level.

A downtrend took price toward the active support target near $1,265 on positive divergences.

I drew an “Arc Trendline” pattern to connect the swing lows and highs – note the reversal higher.

Now, on the right chart, we see the 15-min chart forming a Rising Range pattern with volatile gap-action throwing price from range high to range low.

Frame your trades in terms of the movement between these rising trendlines and use them as stop and entry parameters on your chart.

Stay tuned as we continue to give you more daily updates and market commentaries!

The SPDR Gold Trust ETF (GLD) was unchanged in premarket trading Wednesday. Year-to-date, GLD has gained 10.58%, versus a 16.79% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #6 of 35 ETFs in the Precious Metals ETFs category.


This article is brought to you courtesy of AfraidToTrade.com.


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