The following is the weekly chart of GLD that shows the breakout from this massive pattern:
Chart from: freestockcharts.com
The next chart is GLD's daily chart. Since the June 2019 breakout from a 7-year bottom, GLD has arguably been forming a 4-month bullish flag that may start the next leg up:
Chart from: freestockcharts.com
The bullish flag interpretation is just that: one possibility among many. I will be looking to add to my GLD, GDX, and GDXJ holdings with a strong breakout from this possible continuation flag pattern.
Stay patient and manage risk by trading money that you can afford to lose. Remember, trading stocks is speculating, and speculating means the high risk of losing money. You can manage (but never eliminate) this risk by using classical charting principles, but all the rules won't save you if you are impatient or if you fail to cut your losses pretty quickly if the price action goes against you.
Disclosure: I own shares in GLD, GDX, GDXJ, and individual mining companies.
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