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GLD May Not Yet Be Ready To Break Out

GLD May Not Yet Be Ready To Break Out

While I have gone on…

One Belt, One Road, One Direction for Precious Metals

One Belt, One Road, One Direction for Precious Metals

China's launch several years ago…

Stocks Fail to Hold Gains, But Still No Correction

Stocks Fail to Hold Gains, But Still No Correction

The U.S stock market indexes…

TLT Update...US Bonds and Gold an Odd Couple

Lets start by looking at a weekly chart for TLT, 20 year bond etf, which shows it built out a H&S top last summer. That H&S top is a reversal pattern that showed up at the end of its bull market which has been ongoing for many years. There is a big brown shaded support and resistance zone that has been offering support.

TLT Weekly Chart
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This next chart is a 15 year monthly look at the TLT which shows it has built out a four year 5 point bearish rising wedge which broke to the downside in November of last year. If there is a backtest it would come in around the 129.75 area.

TLT Monthly Chart
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TMV is a 3 X short the TLT.

TMV Weekly Chart
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This last chart is a combo chart which has the TLT on top and GLD on the bottom. It’s not a perfect correlation by any means but these two have been moving together pretty consistently over the last year or so. GLD is currently backtesting its neckline and a support and resistance line going back a year and a half or so. If GLD can trade back above the neckline and the S&R line the bulls will be talking to us. To say this is a critical area for GLD is an understatement. Definitely an area to keep a close eye on.

TLT Daily Chart
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