GLD completed a Bullish Crab and is in retracement mode, ideal minimum retracement target at 147.15, providing it gets there, how price behaves at target is important.
- Daily chart shows there are larger patterns that are still in play, with completion targets 112.23 and 100.33
- This brown smaller daily pattern, Bullish Crab, completion helped price break down the significant level 148.5 region (confluence B point for two larger patterns and X point for smaller pattern)
- The ideal retracement target at 147.15 has multiple ways of signifying the relevance of that resistance test:
- It would be a shallow retracement implying the larger patterns are still in play
- It would be a test of that significant level 143.5 from below, for a resistance test
- It has confluence of the daily falling 50 and hourly falling 200
- It’s a confluence harmonic target for B point of hourly rotation (aka a new harmonic pattern forming)
- So all of these things unite at the 147.15 region, claiming to be an extremely important resistance test
- A hold below that level offers downside bias for support tests, with current ideal minimum target between 140.7 to 138.49
- Further breakdown has 132.75 & 130.51 targets ahead of daily PRZ (Potential Reversal Zone aka reversal pattern completion) targets 112.23 & 100.33
- A breakout and hold above 147.15 has next retracement continuation targets 152.29 and 157.43