GLD is repeating the same bullish setup it had in March 2021

1 set 2022

Recently GLD has followed a set of movements which have an uncanny resemblance to what happened in 2021. The last time this set of movements happened, it was bullish and returned around 13% in a month. This is combined with a strong support level at ~$158, a bullish inverted hammer on the previous bar, and two recent doji stars, which indicate that the downtrend may be weakening, and so I'm bullish overall on GLD, with the idea in mind that the trend will reverse.

I am going long at around $159.3 a share, with a profit target of 5.51% to the nearest resistance level, with a tight stop loss at around 2%.