This morning I still have a problem connecting with my futures site. The problem still exists and fixing it may take sometime. I will use more charts from Bigcharts.com as a temporary fix. I also have a serious issue inside my editor which slows down any posting I do. We also have severe wind conditions here today, where the lights start to flicker once in a while. When it rains it pours, as it seems issues come all at once.
Since the 2016 bottom, GLD was in an upward bullish trend before it turned and then plunged. Since about August 2018, GLD has been in slow and boring bullish phase. This 5 month run sure looks like a set of 5 waves, but we will not find out until an impending correction starts to really show. I can fit the entire move into a triangle which do not develop in any wave 1-2, but sure can happen in 4th waves. Diagonal waves act like triangles, so they can be confused with a wave 1. Any wave 2 correction can go very deep and the net move can retrace 60% or more.
Gold or GLD is the only asset class with this upward sloping trend as all other asset classes like gold stocks are not even close to following GLD. Silver is also a prime example of this.
The USD is far from a potential decline even though the commercial hedgers are net long. That might change by Fridays COT report.