GLD Update - Market Analysis for Mar 23rd, 2020

Mar 23, 2020 - 10:02 AM EDT

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

Avi Gilburt is founder of ElliottWaveTrader.net.

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