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Thomas Bulkowski’s successful investment activities allowed him to retire at age 36. He is an internationally known author and trader with 30+ years of stock market experience and widely regarded as a leading expert on chart patterns. He may be reached at

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Bulkowski's Blog Archive: GLD

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Busted
Patterns
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Patterns
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Patterns
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Market
Industrials (^DJI):
Transports (^DJT):
Utilities (^DJU):
Nasdaq (^IXIC):
S&P500 (^GSPC):
As of 06/23/2017
21,395 -2.53 0.0%
9,389 68.83 0.7%
725 -2.17 -0.3%
6,265 28.56 0.5%
2,438 3.80 0.2%
YTD
8.3%
3.8%
10.0%
16.4%
8.9%
Tom's Targets    Overview: 06/15/2017
21,600 or 21,000 by 07/01/2017
9,100 or 9,600 by 07/01/2017
720 or 745 by 07/01/2017
6,300 or 6,000 by 07/01/2017
2,525 or 2,390 by 07/01/2017

Written by and copyright © 2005-2017 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information.

 

Blog Posting: March 18, 2008, GLD Rush at End (GLD)?

GLD on the daily scale

The chart shows GLD, the exchange traded fund based on the price of gold. Two symmetrical triangles appear on the chart and both act as continuation patterns. Nothing exciting there, really, and I have reported on those patterns before in GLD.

However, the nightly news this evening had a report that said for weeks now, people have been having parties where you bring your gold jewelry, someone weights it, examines it, and they buy it from you right on the spot. They send it to someone that melts it down into bars. This suggests we must be near a top. Why? Because it made the national news and because people are actually doing this. They are flooding the market with gold.

How high can gold go if the supply of this non-perishable item goes unchecked? Think about it. I am not saying price will reverse tomorrow, but we must be getting close to the top. Trade accordingly.

 

Top 

GLD Aftermath

The GLD ETF on the daily scale

As the adjacent updated chart shows, the very next day price started dropping. Perfect timing with a huge dose of luck enabled this bearish prediction to come true. Some may argue that if a number of these predictions come true, the luck has little to do with it. I will leave you with that thought.

-- Thomas Bulkowski

 

 

 

 

 

 

See Also

Written by and copyright © 2005-2017 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. O.J. Simpson Virus: You know it's guilty of trashing your system, but you just can't prove it.