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Commodities

$GLD . Kumo support at around $160

GLD has a sharp fall couple of days back.

Kumo support is around $160; the region which it previously breakout from.

Noticed how the Tenkan sen and Kijun sen is touching each other?

A further drop in GLD will definitely result in a bearish cross.

The support levels that I am looking at is around $160 and $150.

Categories
Commodities

/YG : Gold break kumo

Technically, Gold has break the kumo support on the Ichimoku Daily chart.

If it manage to rally back into the kumo, it only shows uncertainty in Gold’s direction.

Categories
Commodities

$GLD : Is this the end of the bull run?

Yesterday, market drop on the equities side presented an interesting observation on the GOLD (or $GLD) chart.

From the chart, there’s 2 clear signal that could mean an end to its bullish run.

1. A Tenkan sen – Kijun sen bearish cross on the chart.

2. A gap down on the price level.

At around $169, and the kumo support at around $165, it is fair to say that the support is not that strong.

In fact, the bearish signal overwhelms the bullish signals in the near term.

For those thinking of entering a long position for Gold, the best thing to do is wait. The fall for Gold can be very ferocious.