GLD (gold ETF) is approaching the 114ish support level while oversold with bullish divergences in place. GLD is also backtesting this 60-minute descending price channel from above following the recent breakout with potential bullish divergences forming on the indicators below. (Daily & 60-minute chart of GLD below reflect prices as of yesterday’s close).
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- GLD 60-min Aug 2nd close
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- GLD daily Aug 2nd close
EUR/USD (the Euro-US Dollar forex pair) is approaching the 1.154ish support level although my preferred scenario & expectation would be for brief flush-out false breakdown below that level to put in a divergent low, suck in more shorts & shake out more longs before a reversal & meaningful rally in the EURO/drop in the $USD (bullish for gold).
EUR-USD daily Aug 3rd
I plan to review the charts of the other precious metals as well as GDX & the individual precious metal mining stocks for possible swing trade candidates & will follow up with additional analysis on the precious metals & miners.