There’s Gold in Them Thar Hills! GLD on the rise

Gold is back! Well, not just yet. It has started the initial sequence of a potential move higher. In the bull market, this metal takes a hit for the reason of the dollar getting stronger. Its value depreciated and has started to show signals of stability. The chart is showing that it is forming a lethal reversal signal. The inverse head and shoulder pattern is a very reliable chart pattern. It is starting to shape its final shoulder to make a push towards its neck line. This pattern shows that if it can make a close above 105, it will very likely make its way to 110. The most recent candle is a spinning top. This indecision candle can be viewed as a continuation signal of a current trend. The gold rush is in its infancy and the clear buy signal will be a close above 105.

1 year Chart Porn of Gold ETF GLD 1/5/16
Gold ETF GLD Chart Porn 1/5/16