from 24th Jan 20: “GLD is now probing 146.50 again, the maj VAH. As I wrote in early October “Acceptance (time) at that level would be bullish”. Chart Updated

The Gold ETF, GLD is probing Value Area High again GLD is now probing 146.50 again, the major VAH. As I wrote in early October “Acceptance (time) at that level would be bullish”.

In February there was a rejected test of the major VAH (see previous comments on graphic) and GLD sold-off from there to (almost) test 121, the maj poc. Bulls would want to see this level hold.

GLD has reached the major Value Area High (VAH) at 127.15. This could cap the upside until the maj poc (currently at 121) migrates higher.

note on 25th Jan was “higher low above 121, the Major. This is often a powerful pattern.” See chart  

GLD rallied strongly from the “higher low at major” pattern as described on 25th Jan.

GLD is in a stronger position with a higher low above 121, the Major. This is often a powerful pattern.

Cash Gold has closed the week in a weak position back below the major poc.