Scott likes goooooooooold. Let’s look at $GLD – February 16, 2022

by DAN GLD 
This is Scott with your Chart of the Day. Now, don’t get me wrong, I am a Bitcoiner. I love Bitcoin, Bitcoin is great, but I am watching the shiny rock right now, and that is Gold ( NYSEARCA: GLD ).

As you can see, if I zoom out here on the Gold ( NYSEARCA: GLD ) chart, Gold ( NYSEARCA: GLD ) is coming out of a long constitutive period. We had a nice back-test of the big break out that started on Friday of last week. It pulled back, held that 8-day exponential period moving average, and had a little follow-through here today.

Even though we weren’t able to make a new high here on the daily chart, if I flip to the weekly chart, even if we just went sideways for the rest of the week and closed right here where we stand, this is a definite trend change or at least a character change in motion with GLD ( NYSEARCA: GLD ).

I have a position in Gold ( NYSEARCA: GLD ), a bunch of us over at stockmarketmentor.com are trading it and I think you definitely need to watch the shiny rock and make sure it can hold this breakout for a potential longer-term move to the upside.

Even if we just came back here, in August of 2020, that was the high, that is still a 10 percent move, that’s not bad at all. So keep an eye on GLD ( NYSEARCA: GLD ) and let’s watch together to see if it can change this trend.

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