GLD Gold Analysis & Unofficial Trade Idea

/GC (Gold futures) made a downside break & backtest of the symmetrical triangle pattern posted in Wed morning’s “Charts I’m Watching” post, going on to hit that 1320 target, followed by the typical reaction (to the backtest the pattern from below) followed by another leg down to this 1305-1308 support zone with bullish divergences in place on the 60-minute time frame. Bounce target 1320 area.

The break of that 60-minute triangle pattern also coincided with the break of the more significant uptrend line/price channel that I’ve been highlighting on the GLD daily chart in recent updates. As I do expect a tradable bounce off this support level on /GC and I’m open to the possibility that this level could contain this pullback in gold, I’d still open to & would very much like to see GLD fall close to that 122.40 support level that I mentioned in recent updated in order to add it back as another Long-term Trade and/or Swing Trade.