GLD Trying To Break Out


As I write this, the GLD is attempting to break out despite not seeing a clearly defined 2nd wave.  Yet, the GDX or silver have not done so.  Moreover, the MACD has now turned up again even though it has not turned down to the ideal pullback set up.  So, it may attempt a direct break out.

But, if the GLD will break out, I would expect GDX and silver to follow. So, I will be watching these resistances over the coming week.

Since I did not have the opportunity for a lower risk entry on more aggressive positions, I may choose to enter the GDX should we see a break out through its resistance, and then place stops below the pivot box on the 8 minute chart.  

And, if GLD does break out, I may add a small long options position in SLV (likely with a 2024 options time frame), and add on a break out through its resistance as well - or on a real pullback.  

But, the main reason I am sending this is out is the posture of the GLD, as well as the MACD turning up again.  This now looks like it may attempt a direct break out. 

GLDdaily
GLDdaily
GDX8min
GDX8min
Silver-144min
Silver-144min
Avi Gilburt is founder of ElliottWaveTrader.net.


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