Fibonacci Order No Longer
Action in both gold (GLD) and GDX pushed through their own resistance levels.
During Friday’s session, all GDX short positions were closed out (not advice, not a recommendation).
So, what’s next?
If we look at the price action of gold (GLD) we see a potential set-up in progress.
That set-up is the phenomenon of repeating ‘spring to up-thrust’
The daily chart of GLD shows its been in a spring generated rally. As of the close Friday it’s at well defined resistance.
Price action determines market (trading) action. So we’ll see if GLD breaks out decisively to the upside or breaks out and stalls.
Charts by StockCharts