Moving completely above the upper Bollinger Band is probably the strongest possible sell signal. Its the signature of a panic climax and market upside exhaustion.
Today 02/24/20 GLD moved completely beyond the daily Bollinger Band, one day after a New moon, with a daily RSI bearish divergence, Gold Commercials have their largest short interest in more than twenty years!
This is about as good as it can get for signals in any market. This type of situation occurs only about once in a year, sometimes once in two years.
Extremely high probability that a major Gold top could be in place.
Yes, I know there's lots of scary "news" about the virus. Focus on the Gold markets indicators.
The last time I had this much conviction of a market turn occurring was in late December 2018 with the US stock market.
Please see my SPX posts in December 2018 and January 2019.
Mark
Today 02/24/20 GLD moved completely beyond the daily Bollinger Band, one day after a New moon, with a daily RSI bearish divergence, Gold Commercials have their largest short interest in more than twenty years!
This is about as good as it can get for signals in any market. This type of situation occurs only about once in a year, sometimes once in two years.
Extremely high probability that a major Gold top could be in place.
Yes, I know there's lots of scary "news" about the virus. Focus on the Gold markets indicators.
The last time I had this much conviction of a market turn occurring was in late December 2018 with the US stock market.
Please see my SPX posts in December 2018 and January 2019.
Mark