GLD Follows Our Anticipated Upside Reversal Price Path
by Mike Paulenoff
October 29, 2023 • 3:25 PM EDT
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members:
"GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.74 prior to my expectation of a tradable recovery rally... Last is 169.49..."
Within the subsequent 4 trading sessions, GLD closely followed Mike's anticipated upside reversal price path, initially pressing to a lower corrective low at 167.93 -- still within his optimal downside target window from 169.50 to 166.30 -- prior to pivoting powerfully to the upside, thereafter.
In fact, GLD has never looked back from its 10/06/23 low at 167.93 into this past Friday's high at 186.36. In the 19 trading days since Mike's alert to our MPTrader members, GLD has climbed $16.87, or 10%!
What's next for GLD? Will its strength continue? Is the strength a function of a weaker US Dollar, or alternatively, a result of stubborn inflationary expectations, rapidly rising geopolitical tensions, or debt financing "gone wild?" How about a combination of all of the above?
Join Mike and MPTrader members ASAP for their continuous intraday discussions, chart analysis, and exchange of fundamental ideas on GLD, as well as on many individual stocks, sector ETFs, macro indices, commodities, and Bitcoin.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
Never a dull moment since January 20, 2025! This weekend, POTUS imposed 25% tariffs on Mexico and Canada, and 10% on China, which go into effect on Tuesday. From an initial market perspective, tariff trade war fears have triggered a risk-off reaction from Bitcoin-- the only highly liquid weekend market that can give us insight into what to expect for Sunday evening and Monday morning trading.
On December 27, 2024, with META trading at 595.26, this is what I posted to the MPTrader Discussion Room in response to a member's question:My pattern work from the October 2023 low at 279.40 to the December 2024 ATH at 638.40 (+128%) tells me that META is at a technical crossroad now... META's most recent upleg from the 11/19/24 low at 547.71 to the 12/11/24 ATH at 638.40 has the "right look" of a completed advance.
At the close of trading on December 18, 2024, this was my final thought posted to our discussion room at MPTrader.com:ES (March 2024 E-mini SP 500)-- Stating the obvious: Today's reaction to the FOMC Rate CUT (!!) inflicted serious near-term technical damage to the dominant, post-August uptrend... Last 5960.75...Thirty minutes after the close on December 18, 2024, I followed up with this commentary for MPTraders:My preliminary "conclusion" about today's outsized 3.
On December 20, 2024, this is what we discussed about the relentless four-week correction from NVDA's ATH at 152.89 (11/21/24) to a low at 126.35 on 12/20/24:Three Times is a Charm? For the third time this week, NVDA spiked down into the lower reaches of my optimal corrective target window from 132 to 125-- this AM representing the latest spike low at 126.35-- and for the third time, buyers emerged, propelling NVDA higher to 130-132. As we speak, NVDA is trading at 131.
On December 13, 2024, with NVDA trading at 132.54, down 13.3% from its All-Time High at 152.89 (11/21/24), and bearing down on a critical 8-week support plateau at 131-132, this is what I posted to MPTraders:NVDA Update: Approaching key support in the vicinity of 132 that if violated and sustained, could unleash the downside potential derived from a two-month top formation (everyone sees the Head and Shoulders formation by now).
