We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of the ETF - SPDR Gold Shares (GLD)
GLD looks to be breaking out to the upside from a triangle pattern.
If the breakout continues and MarketClub puts in a weekly green Trade Triangle that would be confirmation that the breakout is probably going to continue higher.
If the breakout does continue higher and MarketClub puts in a monthly green Trade Triangle that would be even more bullish confirmation.
The MACD is on a buy signal which is bullish.
GLD is starting to look bullish and is definitely a chart to watch !
Thanks,
Jim Robinson
Profit Trading.com
Funny. I just shorted it today.
GLD or Gold is short term play . Gold has made it top and it is on reverse side. I can not tell how long it will take. I have observent for 1978 -1979 and current cycle . it seems it take 30 years to repeat.