@b-right requested an update on GLD & natural gas under the last post I made before returning home from vacation, the latter of which (nat gas) I will follow up with ASAP. There were too many comments posted while I was on vacation to read through but feel free to post any request for updates in the comment section below this post (or any others today). There are a lot of technical developments & trade ideas to cover so I plan to get at least one video out early today & will do my best to reply to chart requests throughout the day.
GLD (gold ETF) made a perfect reversal off my 4th & final swing target on the previous short trade which triggered an entry on the May 22nd breakdown. The rally off that reversal off T4 (pullback to support with positive divergence) went on to hit the first price target on Thursday, followed by a pullback which took GLD back down to close Friday on a backtest of the downtrend line (support) off the recent highs, thereby offering an objective add-on or re-entry, for active traders that booked profits at T1.
GLD is still trading just above that trendline in the pre-market session today as well as a new potential uptrend line off the recent lows (T4), thereby still offering an objective entry. A tight stop could be set somewhat below the intersecting uptrend line with a more liberal stop below the former T4/211.50ish support level. I’ve also added an additional price target (T3). Previous & updated 60-minute charts below.
GLD 60m May 22nd
GLD 60m June 14th close
GLD 60m June 21st close