GLD is a very popular GOLD related ETF and it tracks the gold futures very well. At this time GLD was close to $144 which is a Fibonacci number. I looked over many other gold-related wave counts and after about 20-30 I was getting bored as they all looked the same.
The $2000 gold price forecast has become popular again followed by a $5000 gold price forecast. I’m sure we will hear more insane gold price forecasts as this bullish phase matures. $10,000 gold price forecasts can be seen in the tabloids if you look hard enough. They have been forecasting a $2000 gold price since the ’70s which has never been achieved.
There is a real good chance that gold and GLD are in a bear market rally while others do not only a few have the same “A” wave bottom as my wave count.
The bullish phase is not over as I believe 5 waves still have to develop and until they do I will remain bullish.
At this time the 5th wave could be the shortest out of the three waves. Any 4th wave could take 2-3 months to correct so that should drive the gold bulls nuts for a little while.
At this time I doubt that the entire run may finish this year as it could carry on until spring 2020.