GLD Points Higher - Market Analysis for Jan 22nd, 2025
GLD-- While everyone is fixated on Bitcoin and the Trump Administration's affinity for Crypto, GLD has climbed to within 1.3% (254.38) of its October 30, 2024 ATH at 257.63, emerging from a 2-1/2 month bullish Coil formation (see my attached 4-hour chart) that projects a next upside target zone of 268 to 272.
As long as any forthcoming weakness is contained above 248.20, GLD points at least 5%-6% higher, and possibly considerably higher than that IF 1) the Dollar breaks down in a significant way... and/or 2) the Fed intimates that lower rates are back on the table... and/or 3) the new Trump Treasury sends up trial balloons about some new "creative" way to reduce the size of the $37 trillion debt load that includes a revaluation of Gold that is still on the books of the US Gov't at $35.00/ounce...