Massive Monthly Cup and Handle on GLD

I see more of a flying dragon with smiley face which is always a sign that the bull is coming. GS Trading desk agrees probably.

 

Not sure why gold is going up, but it's going the wrong way. The Dollar has a clear trend.

 

I saw that too. Interesting dynamic....let's see how it plays out.

 

I was thinking the other day, does this pattern still works.
(On the equity side)

Oneil used it on a weekly frame tho. Just a insignificant thought.

 

Alt Bat
$GLD is a short trade.

 

That's the cup and handle originally discussed.

The cup is the basing pattern and the handle invalidates what would be the expected symmetrical down move after a double top.

 

I do trade valid Cup & Handle when the opportunity arises. GLD is a invalid Cup & Handle since the the second top is higher then first top.

 

klienten you might want check again before you do anything rash

 

Thank you for your concern but my play is shorting XAU, when inflation fears turns out to be a a case of mass hysteria my buy limits in the low $600 and $56 on GLD gets filled.

 

I agree that gold is probably a case of mass hysteria but never go against the trend. Plenty of opportunity to go short later as I see new highs first.