Can Gold Jump $100 in a Single Day?

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GLD exploded from a low of 168 in early March running up to 181 in early May.

Notice the double bottom in early March and the double top in early May.

Markets like to test. When they don’t, it’s often strong evidence a powerful V Bottom is on the table.

Such is the case here in October when GLD exploded off a low of 168 again.

168 vibrates strongly in GLD’s current pattern.

On the Square of 9 Wheel, 169 is opposite early May and aligns with November 11th.

There is a strong likelihood GLD is magnetized higher into the November 11th time frame.

195/196 is 180 degrees opposite the 168 low.

If GLD breaks out clearing 195, projections based on the Square of 9 indicate the potential for melt-up to 210 to 224 in November.

In sum, GLD exploded off a minor double bottom in March 2023 and imploded off a minor double top in May 2023.

However, the rocket this October follows a SEVEN month double bottom

You see, GLD struck a low of 168 on October 5th before lifting off.

This looks like a powerful launching pad from which to attack triple top record highs in the 191-192 region.

GLD  has a series of tops in the low 190 region going back 144 Fibonacci months

It’s worth repeating that there are no quadruple tops. The 4th time thru seals the deal.

Let’s take another look at the above daily GLD again.

GLD’s explosion was fueled by a flush-out that pulled the rubber band back.

When GLD knifed back up through the “flush out” at 175 a Trap Door buy signal was triggered.

It occurred on a massive gap underpinning the power behind the move is literally like a rocket coming off a launching pad.

Notice the breakout above a declining 3 point Tops Line triggering a Rule Of 4 Breakout on a massive gap on October 13th.

The breakout saw GLD drive to a Ghost Line (magenta) in the 184 region.

A Ghost Line is a trend line that exerted its influence in the past and extended into the future is often viable.

Drilling down we see that GLD traced out a TD buy setup on October 12th, the day before the Trap Door buy was triggered.

A TD buy signal occurs on the first Turn Down of the dailies following an impulse to the topside.

What I want to point out is that Tuesday GLD traced out the first Plus One/Minus Two buy signal since it launched.

In other words with the 3 Day Chart pointing up, Tuesday satisfied the first consecutive two lower daily lows.

Given the momentum behind the move off the 168 low, this +1/-2 should be telegraphing another buying stampede is near.

A weekly GLD shows the momentum behind the move as the large range drop on the week of 9/25 was offset leaving powerful Train Tracks.

The last two days of consolidation follow a turn up of the important 3 Week Chart.

While GLD does not yet show 3 consecutive higher weekly highs which typically turns the 3 Week Chart up, it rallied above the prior CIRCLED 3 Week Chart high which is another way the 3 Week Chart can turn up (purple ellipse).

Conclusion. A weekly Angular Rule of 4 buy setup was triggered last week.

Continuation points to GLD coming out of a massive Cup and Handle.

If GLD explodes out of this Plus One/Minus Two buy setup over coming hours/days the Square of 9 points to 195/196 which is a new record high.

When this point of recognition is taken to heart by The Street, it would not be surprising to see a $100 up day in gold.

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