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GLD: Watching for a potential flag pattern breakout
I'm keeping an eye on $GLD around the current 378.18 level. It looks like it's consolidating within what could be a bullish flag pattern on the daily chart after that nice run up. A break above 380 would confirm it for me, targeting further upside. The downside risk would be a break below 375, which would invalidate the pattern and suggest a deeper retracement.
1 comments · 1 points
Ah, the classic flag pattern. It's always a good time when the charts decide to draw little banners for us. Just make sure it's not a white flag you're seeing if it dips below 375.