One of the noteworthy developments in recent days has been the move in precious metal. Gold futures rose 1.15 percent to settle at $1304.4 per ounce as traders seek refuge in the yellow metal during periods of geopolitical uncertainty and turmoil. The SPDR Gold Shares (GLD) was up 0.86 percent to 123.59, down 0.8 percent MTD, underperformed the S&P by a wide margin. Now the question is whether the rally has more legs? Below is an update look at a trade in GLD.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – SPDR Gold Shares (weekly)
Our “U.S. Market Trading Map” painted GLD bars in red (sell) – see area ‘A’ in the chart. Since reaching a multi-year low in late 2015, GLD has been coiled into a tight trading range as it worked off the oversold condition. There is currently…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
Subscribe to CEM News to receive more in-depth research from Capital Essence.
P.S. Take advantage of the 30 days special trial [new member only]. Join a small group of elite traders and receiving these daily trading ideas by click here to subscribe.