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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.