Based on further review of the charts & as previously mentioned as a likelihood, I have decided to add an additional longer-term swing/trend target on the GLD (gold ETF) Active Long Swing Trade + Long-term Trade Idea. The new target is T4 at 172.55, set just below the long-term trend target of 173.22 that I’ve been highlighting over the past year or so.

GLD daily March 31st

GLD daily March 31st

Currently, GLD has been experiencing the typical and expected reaction, via a consolidation following the brief momentum-fueled overshoot of my 151.18 long-term price target, rallying over 32% since the backtest & objective entry or add-on highlighted back in early 2019 on the first weekly chart below, followed by the updated weekly chart.

Zooming down to the near-term outlook for gold, /GC (gold futures) is currently trading just above the 1616ish support following a brief momentum-fueled overshoot, thereby offering an objective entry or add-on with the next objective entry/add-on to come on a break above the downtrend line on this 60-minute chart.

GC 60m March 31st

GC 60m March 31st

The breakout above the larger descending price channel in /DX (US Dollar futures) was the catalyst for this recent rally in the $USD although /DX now offers an objective short entry here at the 100.012 resistance level with a stop somewhat above. The next objective short entry & sell signal will come on a break below the bottom of this minor price channel & if/when that happens, that should provide a tailwind for the GLD long trade.

DX 60m March 31st

DX 60m March 31st