Simple Trading Update 19 October 2016 – GLD

 

 

 

When last we peered in on GLD it was February 2016  and the shiny stuff looked to be ending its long slide at support.  That level (around $100) continues to hold even now (shown below).

The charts tell the story.

 

 

 

 

 

 

 

 

Quarterly [Clean]

The clean quarterly chart shows price may have just completed a nice pullback.

GLD

Quarterly

TAOST Magnet Zone verifies the pullback and supports the idea that price has the potential to ascend anew.  A drop below the box from $96 to $100.50 tells you when to turn your buy button off for the time being.

GLD

Monthly

$113.50 to $115.50 is an intermediate support level here on the monthly chart.

GLD

Weekly

Near term support is only $3 away at $118… but from the looks of it, that level will be violated in short order.

GLD

Daily

The daily chart shows the same $118 level as support.

GLD

Price will lead you in the right direction… You need only follow.

KIS,

The Trader