SPDR Gold Trust (ETF)(GLD): Charting The New Key Levels

gold timeCorey Rosenbloom:  With Gold resuming its primary downtrend, a sell-swing provided a great short-selling opportunity.

However, Gold (and GLD) successfully achieved a key short-term support target.

Let’s update our Daily Gold (NYSEARCA:GLD) Charts and pinpoint this key planning level:

Gold is in a Primary and Intermediate (Monthly and Weekly Chart) Downtrend and we’re seeing a counter-trend retracement (“ABC” so far) into $1,200 on the Daily Chart.

Price successfully achieved our $1,200 target and then traded sharply lower, also as was logically planned.

Note the confluence – and reversal candles – at the 50% Fibonacci and $1,200 “Round Number” Resistance.

A new short-term “Rising Range” or “Bear Flag” style pattern has developed as drawn above (black).

Price successfully traded sharply lower toward our new target near $1,130.

Bears may look to take profits into this support target (lower Bollinger Band and trendline) and buyers may look to put on aggressive “bounce” trades off this key pivot.

However, a breakdown here under $1,130 suggests the higher timeframe downtrends are overpowering the short-term retracement and that price would likely continue falling toward the $1,100 or $1,080 downside targets.

Either way, view today’s touch (test) of $1,130 as the key short-term bull/bear pivot for Gold.

Here’s the similar picture on the popular ETF (symbol GLD):

We look to trade IN the direction of prevailing trends – not against them.

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