Original post by Marubozu from My Stocks Investing Journey
GLD is in the process of forming a Double Bottoms after rebounding from the support at about $109-$110 with an Inverted Hammer (with bullish confirmation). GLD is currently facing the previous neckline resistance ($115) of Inverted Head and Shoulders. There are a few more resistances ahead ($117 & $122) to clear to confirm the long term down trend reversal.
SPDR Gold ETF (GLD) retraced back to test the neckline resistance turned support (of Inverted Head and Shoulders) at about $115. Base on current chart pattern, GLD seems like going to have a short term rebound towards the resistance between $122-$125.
SPDR Gold ETF (GLD) breakout from Inverted Head and Shoulders and move above the 200D SMA. However GLD is going to face the resistance of the medium term declining trend resistance (green line). If GLD is able to break this resistance, there is a first sign of trend reversal.
Original post by Marubozu from My Stocks Investing Journey
