Let me show you how GLD is trying again to start a new uptrend.
First of all, the daily chart:
This isn't the greatest daily chart on Earth. However, today's candle was a very bullish one, triggering my trend follower into a new buy signal. Let's not get too excited here, because last 29 Jan and 1 Feb candles' pattern is very similar to today's and yesterday's candles. There was too a (fake) buy signal by that time!
Today the price ended just below the 20 day MA and it will have to do a lot more than that in order to start a new uptrend.
Now, the weekly chart:
I should only show you the weekly chart tomorrow, but let me do some futurism here. The way I see it, the weekly chart is showing will to turn the trend to the upside. This is true because the stochastic oscillator is trying to end the week in a buy and this is a very trustable signal. On the other hand, this week's price is somehow looking like a bullish engulfing bar...let's wait for tomorrow's close in order to check those indicators again.
Trade safely,
JAPO.
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