Massive Monthly Cup and Handle on GLD

mukoh · Nov 12, 2021

I see more of a flying dragon with smiley face which is always a sign that the bull is coming. GS Trading desk agrees probably.

xandman · Nov 12, 2021

Not sure why gold is going up, but it's going the wrong way. The Dollar has a clear trend.

fan27 · Nov 12, 2021

xandman said:
Not sure why gold is going up, but it's going the wrong way. The Dollar has a clear trend.

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I saw that too. Interesting dynamic....let's see how it plays out.

Nobert · Nov 12, 2021

fan27 said:
Here it is folks....massive cup and handle pattern forming. GLD could explode to the upside!

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I was thinking the other day, does this pattern still works.
(On the equity side)

Oneil used it on a weekly frame tho. Just a insignificant thought.

klienten · Nov 18, 2021

Alt Bat
$GLD is a short trade.

xandman · Nov 18, 2021

That's the cup and handle originally discussed.

The cup is the basing pattern and the handle invalidates what would be the expected symmetrical down move after a double top.

klienten · Nov 18, 2021

I do trade valid Cup & Handle when the opportunity arises. GLD is a invalid Cup & Handle since the the second top is higher then first top.

cvds16 · Nov 18, 2021

klienten you might want check again before you do anything rash

klienten · Nov 19, 2021

cvds16 said:
klienten you might want check again before you do anything rash

Thank you for your concern but my play is shorting XAU, when inflation fears turns out to be a a case of mass hysteria my buy limits in the low $600 and $56 on GLD gets filled.

cvds16 · Nov 19, 2021

I agree that gold is probably a case of mass hysteria but never go against the trend. Plenty of opportunity to go short later as I see new highs first.