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Is Gold Overheated? What This Chart Pattern Says About a Pullback

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The U.S. Is a $19T Economy?
 
   
     
The U.S. Is a $19T Economy?
 
 
First, don’t miss today’s Daily Chart Setup trade idea down lower in this newsletter.

NFLX earnings were a boost after the close on Thursday. Is this a good sign for the rest of big tech? The US economy is a $19 trillion marketplace.  What sectors do those dollars flow to and in what proportions? 

Come join me as we dive in and see what’s moving! 

Plus, as always, we have stocks popping and dropping so come find out what is moving this morning as I look for stocks and do some live premarket analysis on SPX, SPY, NDX, QQQ, Russell, IWM and other stocks that are potential plays for the day. 

 
— — — 

Is Gold Overheated? What This Chart Pattern Says About a Pullback

Gold has been on a tear lately — no denying that. But if you zoom out, the chart is flashing a pretty loud warning: This move is looking too vertical.

We’re not talking about a normal grind higher. This is one of those momentum runs that sucks people in right before it snaps back. And based on how far we’ve stretched from the daily Roadmap line, a retracement could be just around the corner.

 
 
Chart Gravity Is Real

It doesn’t matter what the narrative is — inflation, rate cuts, geopolitical fear, whatever. Charts still obey the rules of gravity. And right now, gold has gotten way too far away from its key moving average.

We haven’t touched the daily Roadmap line since the move kicked off over a year ago. Same goes for the three-day and weekly charts. That kind of distance can’t last forever. Sooner or later, we come back to test those levels. That’s just how these things work.

Look at where the last real breakout happened. We blew through resistance, retested, then ran hard. But we haven’t come back since. That’s not sustainable.


Deep Retrace Zones to Watch

The last time gold did something like this, it didn’t just pull back a little — it dumped hard. On the weekly chart, the breakout zone is all the way down around $1,900. That’s a long way from where we are now, but it’s a realistic retrace target.

Even on a three-day time frame, we’ve seen this pattern play out before: blow off top, deep retrace, and then a more sustainable move higher. If we start seeing weakness creep in, that’s the zone I’ll be watching.

Don’t get me wrong — I’m not calling the top on gold here. Long term, the macro case still looks solid. But this chart setup says we could get a reset before the next leg higher. And if you’re chasing up here, that pullback could hurt.

Bottom line: Be careful leaning too hard into the hype right now. Let the chart do what it needs to do. If we get that pullback, that’s when I’ll be looking to reload.

Now be sure to join me live at 9:15 a.m. ET for “Morning Monster,” my market-open livestream on YouTube!

 
 
‘Morning Monster’ Is Starting NOW!
I’m also live at 5 p.m. ET on Tuesdays for “30 Minutes of Awesome” — bring your ticker and I’ll analyze it in real time!

And be sure to hit that Subscribe button on my YouTube page!
_____________________________________________________
The ‘Secret’ to Spotting Breakout Stocks — Before They Explode!
 
 
See, even though the market uncertainty keeps increasing by the day…

There’s a way to spot certain stocks before they shoot through the roof. I’ve laid out all the details…

 
 
Access the Complete Breakdown Here!
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Today’s Daily Chart Setup: Gaming and Leisure Properties (GLPI)  
 
 
 

This idea came directly from my Daily Chart Setup that automatically signals potential plays.
 
GLPI is a new potential entry. Target: 53.37 Stop below: 43.48
 
GLPI has a historical win rate of 72.73%
 
GLPI has a profit factor of 2.22
 
GLPI trades last 33 trading days on average over 11 trades since 2013.
 
See the secret behind these signals here!  

This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. Always remember that past performance is not indicative of future results.


How the Daily Chart Setup Works

Here’s a more detailed description of how the pattern triggers:

1. The price breaks upward through the orange Market Roadmap line. 

2. Then the price goes up and down while staying above the line. Eventually, it comes down to touch the line again — this could take days, weeks or even months. 

3. Once it touches the line and starts moving back up, that signals an entry. 

I use Fibonacci levels for for profit targets and stop losses, and these two tools combined have helped me achieve a 77% win rate over the past six-plus years!

You can grab my Market Roadmap Indicator here for just $5 — less than a cup of coffee at most places!
Jeffry Turnmire
Jeffry Turnmire Trading

I host my “Morning Monster” livestream at 9:15 a.m. ET each weekday on YouTube, and then “30 Minutes of Awesome” at 5 p.m. ET each Tuesday!

Please check out my channel and hit that Subscribe button!

I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.

I've been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it's the Eagle Scout in me. 


*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 
   
 

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