/GC (gold futures) & GLD (gold ETF) are both backtesting the falling wedge patterns that they recently broke out from, thereby offering an objective long entry although we still don’t have a buy signal/breakout on the EUR/USD yet. The first chart below is the /GC (gold futures) 60-minute chart followed by the GLD (gold ETF) daily chart.
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- GLD daily May 16th
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- GC 60-min May 16th
I’m just passing this along as an unofficial trade for now as I would prefer to see a breakout in the EUR/USD to confirm a trend reversal in the US Dollar. Should gold reverse & rally soon, my first targets (unadjusted/actual resistance levels) would be 123.69 & 125.15. Other than a backtest of this downtrend line, the 120ish level remains the first significant support level on GLD below.
EUR-USD daily May 16th