JureKrasovic

GLD Going long

Long
AMEX:GLD   SPDR Gold Trust
Gold is making a textbook example of descending triangle correction. It is forming after a rather big bullish move. It will take a few days fort he formation to finish. Looking for validation of our assumption. Since the move before the formation of a corrective triangle was bullish we do expect the next move after the breakout out of the triangle to be bullish as well.

On the shorter 4H timeframe, we can see a short bullish opportunity, as the price has just bounced off the support line. Stop losses just below the line, in case that a smaller breakout happens.


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