This 60m chart of gold shows an ongoing consolidation within what is likely an impulsive move higher. The larger sequence started from the swing low in August 2018, but we're only focused on price action from the early October low. After forming a simple Wave 1 rally and Wave 2 pullback, gold broke higher in a series of impulsive five-wave moves within an extended Wave 3. It broke through trend channel resistance, and then found support on the topside of the channel before topping around $127.
Look for the mid-point of the trend channel as well as prior support around $121 to act as a base here. If Wave 4 (labeled as a triangle) holds current levels, GLD should resume its rally to new near-term highs around $127.50. Initiating a long position at market with the intention of holding as long as GLD remains above $119.
Look for the mid-point of the trend channel as well as prior support around $121 to act as a base here. If Wave 4 (labeled as a triangle) holds current levels, GLD should resume its rally to new near-term highs around $127.50. Initiating a long position at market with the intention of holding as long as GLD remains above $119.
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