Gold ETF (GLD) Analysis - Where’s The Entry Point?

Comments on Gold ETF (GLD):

• Since Feb, there has been 2 61.8% Fibo retracements, suggesting that the intermediate term trend in gold is now down. Longer term trend is still up - which is firmly in place, with no threat of changing.
• Gold has recently broken above the down trendline, suggesting that the intermediate term trend may be changing from Down to Up
• Gold has broken 2 downtrend lines, but both of those breaks have come while GLD was beneath the downtrend line (blue).
• I would like to see gold move down to the third trendline (red) and retest and hold. If it can do that, then it’s also holding the backside of the downtrend line. That would be right around the 88-87 area. At that point, after witnessing a sucessful test, I’d be willing to consider an entry into GLD (see below).

• The symmetry on the GLD chart (weekly) is interesting. You can see that the breakout from 67-100 took place after two trendline failures. The next attempt to move beyond 100 failed and currently we are in the midst of a third attempt to move beyond 100. I’d like to see us hold the backside of the downtrend line to provide confidence for a move higher. I think that’s the entry point.

Let me know your thoughts or ideas!

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