GLD Gold ETF 2-Hour Chart; Overbot; Rising Wedge; Negative Divergence

Here is the gold set up mentioned the last week or so. The 2-hour chart is ready to go for the short side. Either short the GLD ETF or go long the GLL ETF (thinly traded). Gold should begin a retreat now and going forward for a few weeks. Stochastics are overbot and the RSI is coming off overbot levels. The red rising wedge is ominous since the collapse from these patterns can be quite dramatic. The red lines show universal negative divergence across all indicators so GLD will receive a neggie d spankdown now.

It is interesting since the stock market is poised to drop but so is gold. You would figure that a flight to safety will occur during the pending stock market selloff and people would buy Treasuries, gold, silver, consumer staples, utilities and maybe some real estate picks. Recently, Treasury yields do not appear to react quite as negatively (stronger buying) when stocks slump.

Is the obscene 11-year Keynesian money-printing financial experiment, implemented by the Federal Reserve (Bernanke) in March 2009 to protect the wealthy class (that own large stock portfolios), finally meeting its climax? No one knows what any asset is worth anymore since everything has been pumped higher for 11 years by the central banks; everything. Perhaps the end game is arriving where confidence is lost in the central banks and everything retreats lower? It's going to happen some day folks, so why not now? This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added Thursday Morning, 7/9/20, at 5:31 AM EST: GLD pops to 170 as the dollar continues weakening. Gold made the move to the 1820's (remember Keystone's 80/20 Rule where 8's lead to 2's so 1780 had opened the door to 1820. This area is critical for gold since closes above 1800 will hint that 2200 will come). Gold bulls likely only need a few days of closes above 1800 and they will be in clover. Gold bears need the price sub 1800 pronto. Nothing's changed. Gold is expected to top out now on the weekly chart and begin a multi-week downturn. The spurt may create a bit of mojo for a week or two of sideways stutter before it dumps.