Hi Traders, GOLD (now at $1134) is fast approaching the predicted target around 1089. Even in the event of a breakout below this level, the yellow metal should end the downtrend above the area at $1043-32 that seems to be the absolute minimum and it's considered an unbreakable support. If it's true, this would mark the end of the line for the 38 months...
Silver has some extreme bearishness built up behind it. I am bullish long-term, but we are very likely to see a $14-hand on the metal. The nearest support is found at $14.62, while resistance can be seen at $15.60 (broken support). There are some growth worries out of China, which could give short-term support. However, there is endless central bank intervention...
These past 4 days gold has been moving back up quite aggressively... This is typical behavior after a double or in this case a triple bottom... We expect price to keep retracing until the resistance zones marked... Watch for price action reversal candles along those levels. They should give a good short entry which could in turn make the price go a lot lower...
Gold, like silver, is forming a significant bottom as its weekly and daily RSI, Stochastics and MACD have all either turned higher or are completing their bottoming stage. Significantly, gold appears to have bounced off a major support that held May and July 2010, and June and December 2013. A respectable key upside target in the 1340 range can be expected based...
Gold did as we expected (See prior post). We are now at a critical point. Gold has triple bottomed. We have been trading for 15 years and we can count on one hand the times a triple bottom held. However , they may try to squeeze the weak shorts before rolling her over. IF you are long...USE tight stops and recognize that if this breaks the triple bottom it...
Gold seen support, forming a triple bottom near 2013's low, which still remains solid support. $1,239 still remains an intermediate target before higher longer-term resistance levels are reached. In my opinion, given the overall bearishness, if the economy and such was so remarkable, gold would have sank by now. Even four-year highs on the DX couldn't send it...
A look at the inverse relationship between gold and the us dollar index Is it time for a short to medium term bottom in gold...? Could the same be said for the dollar? The stars seem to be indicating that... Silver has also posted a rejection pinbar on the daily.
Whippy stuff. We got short (from a smaller time frame) in the consolidation with a tight stop. As we broke out we were able to take some off the table...but the buyers stepped in and ran it back into the consolidation and took us out of the trade. Not a a great trade considering it is still falling. But no damage was done. LESSON: Know you trade!! We like...
Gold seems to have bounced off its resistance area and appears weak around the resistance at 1242.8. It is worth going short at these levels with stop loss above 1243-46 and aim for 1180 - 1215. However one should be careful by not risking to much as the USD index has appeared weak the last couple of days and could thus reverse/retrace for a little while which...
Winner winner Chicken dinner! GC1! hit our last target and we are flat. We are still interested in gold but will wait to see if we get any bounces to establish a new position (smaller). If the "go or no go" area fails to hold we will most likely see more downside. Go back and look at our recent GC1! charts and see how this set up and how we managed it. ...
Trading strategy has been described on the chart. If gold breaks the top line then we could possibly be at the start of the 3rd impulse wave.
GC is still working well for us. We like this trade and are still holding for the "Go or No Go" area. We have dropped our stop another level. We are trailing until we get our level or we get stopped. Either way it's important to manage your trades.
We hit our 1st target during the globex session before a large bounce. We have pulled stops down and will look for a test of the "go or no go" area.
Getting closer to our first target. We think we will get it during the globex session or during the morning Friday. Our stops will be pulled down after we get our 1st target. Trim and trail.
Gold dropped hard yesterday through a support trend line awakening the bears. The drop was anticipated as it appears to be a smaller degree 5th wave to finish off the purple 'B' wave. That drop took us to the 78.6% retracement level of the June-July 2014 up trend. This places Gold at a price point where we are offered a good opportunity to buy with nearly a 1:3...
And we are short. We will trim some and trail a stop with a "go or no go" target around the 1240 area.
The price is approaching the defined buy level by the Gartley pattern. A long range bar has formed, this makes me to take the position with more caution. Look for Bullish patterns in the lower time frames, H4 and H1, as a confirmation. Hope this scenario will play successfully. Three Target profit levels have been defined, toward completion of i) 38.2%...
Watching the market during the globex session we have decided to get short on a break of 1271.00. We will keep stops a bit tighter (off of 60 min chart) at the these levels.