Premium Preview: GLD Opens Door For Buyers But Will They Step In?

GLD Day chart shows price is currently stalling inside a small harmonic pattern's completion region aka PRZ (Potential Reversal Zone), this coupled with the fact that price is very extended and one of the two momentum indicators I watch at PRZ's has positive divergence offers buyers a doorway to step in for a Retrace Mode attempt.  Of course this scenario increases in its probability with a hold above 113.38 (top of PRZ).

The caveat is if price cannot hold above 113.38 the implication is a stall or lower movement to a larger brown colored pattern called a Butterfly at ideally 108.36 but don't discount the power of a bounce at the top of the PRZ at 110.61.

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