GLD, In Spring Position
It’s about an hour before the Sunday futures open and gold (GLD), is in spring position; set to move higher.
The daily chart of GLD below, shows the action for the past three years. The chart following gets closer in to identify the set-up.
Gold (GLD), Daily Chart
Closer in with the spring set-up marked.
We know that empirically, if a spring set-up is viable and in-effect, it has a tendency to go straight into an up-thrust.
The chart below locates a potential up-thrust zone should the price action launch into a spring.
If gold breaks to the upside, be prepared for another round of bull mania hysteria … all the while, the structure of the overall markets continues to fall-away.
Charts by StockCharts
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point®, trade mark: No. 6,505,279