Gold Breaking Out, Indicating Long-Term Bullish Behavior

This morning GLD, the U.S. ETF representing the price of Gold, is breaking out of two separate patterns to the upside, indicating both a trend change and a breakout reversal. First, GLD is breaking the downtrend line from the gold bear market that begin in late-2011. This indicates a trend change. Second, GLD is breaking out of a triangle pattern than has been in formation since the 3rd quarter of 2015. This indicates an upside reversal.

In addition to the technical patterns/outlook, I could provide various fundamental reasons why the price of gold should be higher than it is now. However, with a quick Google search you can look that up on your own. Just know, the fundamentals currently support the technical outlook.

I expect GLD to remain bullish for the foreseeable future and I believe, at minimum, GLD will retest the 2011 highs.

Initial Price Target = $150
Stop Loss = $120

Disclousure: I am long shares of GLD