Trade idea # 1: Low-risk, high-reward trade opportunity in SPDR Gold Shares ETF (GLD)

September 10, 2024: GLD ETF has a perfect setup for entry with a low-risk exit. It broke out of a multi-year cup with a handle pattern and has been consolidating over the last few weeks in preparation for the next move up.

Buy Price: 232.62 $ (Current Price)

Stop loss: 227.5 $ for short-term hold swing traders; 219.5$ for long-term hold traders

See the daily, weekly, monthly charts below.

Monthly chart: Broke out of cup with handle this year

Weekly chart: Consolidating above rising 10-week and 21-week moving averages. 

Daily chart: Tight consolidation above 21-day moving average and imminent breakout