Below is the daily chart of GLD. The chart reflects an inverse head and shoulders
pattern in development. The measured target is $123, which will also cover
the chart gap at $117-118.
Since GLD has yet to break above the neckline, we have no confirmation of
the pattern. Also, the right shoulder could take several more days to complete.
We have low volume on the right shoulder, which is a good preliminary indicator.
We'd also want to see the RSI and AMCD turn up and support a break out with
ideally an increase in volume. All things to keep our eyes on!
J.D. Rosendahl is not a registered advisor and does not
give investment advice. His comments are an expression of opinion only and
should not be construed in any manner whatsoever as recommendations to buy
or sell a stock, option, future, bond, commodity or any other financial instrument
at any time. While he believes his statements to be true, they always depend
on the reliability of his own credible sources. Of course, we recommend that
you consult with a qualified investment advisor, one licensed by appropriate
regulatory agencies in your legal jurisdiction, before making any investment
decisions, and barring that, we encourage you confirm the facts on your own
before making important investment commitments.
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