Gold turned positive on Tuesday as some aggressive traders stepped in when it approached $1,200 per ounce. U.S. gold futures for December delivery settled up $2.40, or 0.2 percent, at $1,202.20 per ounce. The SPDR Gold Shares (GLD) rose 0.06 percent to 113.22, down more than 8 percent YTD while the S&P gained 8 percent over the same period. Now the question is whether Tuesday rally is merely a dead cat bounce or it’s a beginning of a new upswing? 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 green (buy) – see area ‘A’ in the chart. Over the past few months, GLD has been trending lower after the late 2016 rally ran out of steam near the prior high set in summer 2016. The 2018 downswing tested support at the 61.8% Fibonacci retracement of the 2016-2016 upswing…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.