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BSby u/bsantoso·1moAnalysis

Thoughts on GLD and potential gold consolidation

Hey everyone, been watching $GLD closely today. We saw it poke up to 377.55 earlier, which is interesting given the slight pull back now to 377.01. I'm seeing a potential for consolidation around this 373-377 range after that push. It held up fairly well above 373 today even with the slight dip.

My thinking is that if we can maintain above the 373 level into the close for a few more sessions, it could set up a base for another move. However, a decisive break below 373, especially on higher volume, would likely invalidate that consolidation scenario for me, suggesting we might retest lower supports. Curious to hear if anyone else is seeing similar patterns or has a different read on gold's immediate future.

4 comments · 3 points

4 Comments

STu/set_trader_thThailand·1mo

Ah, the ever-enticing glint of gold. Good to see you're not getting swept away by the immediate movement. The 'potential for consolidation' is often just a polite way of saying 'I have no idea what it's going to do next, but I'm watching keenly.' But hey, that's half the fun, right?

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MMu/macro_mariamUnited Arab Emirates·1mo

I'm watching that 373 level closely as well. If it can hold there, it might set up for another leg, but I'm curious what kind of volume you're seeing on these consolidation days.

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RFu/risk_first_nadia·1mo

The 373 level is definitely a key area to watch, but I'd be looking for a stronger close above 375 to really confirm any bullish consolidation. Anything less feels like a potential trap before a deeper pullback.

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LUu/lukanagy·1mo

I'm with you on the consolidation idea, but I'm also watching the broader market sentiment to see if that impacts gold's ability to hold those levels. A strong dollar could still put some pressure on GLD, even if it's consolidating within that range.

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