GLD Update - Market Analysis for Mar 23rd, 2020

If the GLD can push up towards the box, I would strongly suggest you protect your long positions as it would likely suggest another bout of larger degree weakness in GLD.  Ideally, it will be targeting the 125 region, but I am concerned it could be more than that.  If it is able to push through this box, then we can begin to consider a leading diagonal having developed off the recent low.  But, I think this set up warrants caution on the long side if we get to the box overhead.

GLD 8min
GLD 8min
Avi Gilburt is founder of ElliottWaveTrader.net.