GLD Update… All Aboard ?
This first chart is a daily line chart for GLD which shows it has completed 5 reversal points so far and is working on the all-important 6th reversal point back up to the top rail. This is where the bulls need to step up to the plate.
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The weekly chart below shows the 2 1/2 year triangle that has been building out with 5 completed reversal points so far. A touch of the bottom rail will complete the 6th reversal point creating a consolidation pattern. If the bottom rail is hit the bulls will need to hold support to create a 7th reversal point throwing the triangle back into the reversal category.
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The long-term monthly chart shows the bear market downtrend channel with the 2 1/2 year triangle.
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This last chart for GLD is showing the possible 5-year H&S bottom with the golden neckline. That little blue flag which is forming just below the neckline is keeping everyone in suspense waiting for a resolution. This is a massively large pattern that will lead to a very big move if the H&S bottom plays out. It seems pretty obvious that the breakout will be to the upside, but stranger things have happened in the markets before. So close but yet so far away. There will be plenty of time to board the train if the H&S bottom completes.
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Disclosure: None.
"This first chart is a daily line chart for GLD which shows it has completed 5 reversal points so far and is working on the all-important 6th reversal point back up to the top rail."
David, you seem very familiar with GLD. I've spent quite a bit of time doing my due diligence into GLD but have been unable to obtain any details pertaining to the state of its insurance. Would you happen to know any specifics on this subject? The following passage reflects my experience so far: "Note that even on the subject of GLD's insurance, they are not at all straightforward about it. Their representatives will not confirm nor deny the existence of GLD's insurance. I recommend anyone curious about this to confirm via calling GLD's publicly listed number for general inquiries at 866 320 4053 and ask about this clause from the GLD prospectus: "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." Exactly how much of the fund is insured? They will not give you a straight answer and might even throw in some bizarre excuse which I've experienced. Why hide this information from investors? The people behind GLD certainly do not seem like the most honest types."