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Reading the Tea Leaves...
Monday, December 28, 2015
GLD Appears to be Solidifying
The GLD Gold ETF has been in the doghouse for a really long time and more and more people have been predicting that it will keep falling into oblivion but the price action cannot be ignored and over the past six weeks the GLD has been solidifying into somewhat of an inverse head and shoulders pattern at its lower short term channel line.
Click on image to enlarge
While the pattern itself is a little fuzzy, the pink neckline of the top of the pattern is sharp and pronounced and a break above that could definitely trigger a gold play.