$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.


/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.


Watch the Gold : Possible Cup and Handle

With the Euro weakens considerably (and may even dropped further), the Gold chart seems to be a cup and handle in formation.

If it stays at current level, the leading kumo support is fairly thick.

It also has good support from the Weekly Chart at 110.

If Euro issues worsen this week, I won’t be surprised to see Gold shoot up and complete the handle.