GLD and Bitcoin Remain Buoyant
GLD and Bitcoin remain elevated and buoyant (so far) through this uncertain period. GLD pushed to another new ATH at 261.37 this AM. Why? Flight to safety? Powerful uptrend momentum? Expectations of repricing the official gold price (On the books of the US Government at $42.22/ounce since 1973. At $42.22/ounce, the value of US Government Gold Reserves equals approximately $11 billion, but at current price in excess of $2700/ounce, the value is $710/billion)...
Technically, as long as any forthcoming GLD weakness is contained above 255.50 (see my attached 4-Hour Chart), the thrust up and out of the Nov-Jan digestion Coil formation continues to point to a next target window of 268 to 272... Last is 260.32...
As for Bitcoin, it too acts impressively after nosediving from 103,000 to 91,100 over the weekend, which successfully tested the prior corrective low at 89,200 hit on 1/13/25. This AM's rebound above 99,000 exhibits bullish form so far. As long as any forthcoming bout of weakness is contained above 95.600, my nearest-term pattern set up argues for upside continuation to 101.600-102,500 that from a nearest-term pattern perspective will have the right look of the initial upmove of a new upleg within the larger bull phase off of the August 2024 low at 49,200... Last is 99,100...