Loading ...GLD
6% is the largest margin that GLD has risen above the 200 ma since the drop in April of 2013, it has gotten weaker every time it has attempted to cross in the prevailing months, sentiment seems to point that maybe this trend could start to change and we should be aware of some potential levels that may or may not be reached before a correction.
Percentage above 200 ma approx.
1% – 109.58
2% – 110.67
3% – 111.76
4% – 112.84
5% – 113.93
6% – 115.01
Interesting observations.
I might have expected the opposite.
Weak relative bounces at first, and getting stronger into the eventual breakout.
What about
0%: 108.49
or
<0%: 108.09, the position on the chart at the tie it was taken!
Anyway, nice chart. I notice the resistance line is almost exactly at the 61.8% retracement of the last down-move and it is basically where the resistance of the parabolic drawn downtrend channel would come in.
Also this is all happening very near to Rick Ackerman's hidden pivot for a possible move down to $814. That comes in somewhere in the $1120s. His A B C D was something like: A $1800, B $1180, C $1434, D $814 and the mid-point 'hidden' pivot P of the CD leg would therfore be at $1124. (That ties in with 'Trident' trading, I believe.)
Since gold already went well below that pivot recently, he is bearish in the longer term I guess and still sees the $814 target as being in play. We are witnessing an attempt to get above the pivot again.
Gold is at a pivotal point.
Thanks Dave, I enjoy your very cerebral commentary, keep it up.