GLD showing macro HnS pattern here on monthly chart that has been forming for several years (13' to 19') and looks to break out of HnS pattern w/ an upside target of 159 on GLD or around 1600 on /GC and looks to complete target by Dec. 19'.
With macro fundamental news going on w/ the possible inverted yields w/ bonds, slowing economic growth in Europe and Asia, a stock market that has increased volatility then all these signs point towards a bullish momentum in GLD forming w/ a possible change in the Intermediate to LT trend to bullish trend as GLD has been in a years long consolidation pattern and looks to break out to the upside soon.
With macro fundamental news going on w/ the possible inverted yields w/ bonds, slowing economic growth in Europe and Asia, a stock market that has increased volatility then all these signs point towards a bullish momentum in GLD forming w/ a possible change in the Intermediate to LT trend to bullish trend as GLD has been in a years long consolidation pattern and looks to break out to the upside soon.