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Bulkowski's Blog Archive: GLD
Class Elliott Wave Fundamentals Psychology Quiz Studies Setups Software Tutorials More...
Busted
Patterns		 Candles Chart
Patterns		 Event
Patterns		 Small Patterns
As of 10/23/2020
  Indus: 28,336 -28.09 -0.1%  
  Trans: 11,880 +131.58 +1.1%  
  Utils: 894 +2.40 +0.3%  
  Nasdaq: 11,548 +42.27 +0.4%  
  S&P 500: 3,465 +11.90 +0.3%  
YTD
-0.7%  
 +9.0%  
 +1.7%  
 +28.7%  
 +7.3%  
  Targets    Overview: 09/29/2020  
  Up arrow29,300 or 27,400 by 11/01/2020
  Up arrow12,000 or 11,000 by 11/01/2020
  Up arrow915 or 840 by 11/01/2020
  Up arrow12,800 or 11,300 by 11/01/2020
  Up arrow3,700 or 3,400 by 11/01/2020
CPI (updated daily): Arrows on 9/25/20
As of 10/23/2020
  Indus: 28,336 -28.09 -0.1%  
  Trans: 11,880 +131.58 +1.1%  
  Utils: 894 +2.40 +0.3%  
  Nasdaq: 11,548 +42.27 +0.4%  
  S&P 500: 3,465 +11.90 +0.3%  
YTD
-0.7%  
 +9.0%  
 +1.7%  
 +28.7%  
 +7.3%  
  Targets    Overview: 09/29/2020  
  Up arrow29,300 or 27,400 by 11/01/2020
  Up arrow12,000 or 11,000 by 11/01/2020
  Up arrow915 or 840 by 11/01/2020
  Up arrow12,800 or 11,300 by 11/01/2020
  Up arrow3,700 or 3,400 by 11/01/2020
CPI (updated daily): Arrows on 9/25/20

Written by and copyright © 2005-2020 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.

 

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 © 2005-2020 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners. O.J. Simpson Virus: You know it's guilty of trashing your system, but you just can't prove it.