MGC - Bearish - End of July 2024Signals listed in chart.
Planning to take sells over the last week of July 2024.
TGD1! trade ideas
GOLD: 21 JUL, 2024© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M (Master's Designation).
Forecast: Bearish
Where are we in Elliott wave analysis? The left-hand chart shows that we are inside the third wave (labeled wave 4-grey). It will basically drop lower in the near term, and after it ends, we will try to look for the 4th wave.
(1D Chart): The broader context suggests that wave ((v))-navy may have peaked, completing the entire wave 3-grey. Consequently, wave 4-grey is unfolding to push lower. It might reach as low as 2,304.7 or even lower.
I haven't concluded whether wave ((v))-navy has fully ended or if it's just the first wave of the entire wave ((v))-navy, but the current decline is quite necessary.
A series of accurate forecasts with gold have been effective, so this is a time when I need more evidence to make further conclusions.
(4H Chart): Since the high of 2,488.4, a five-wave pattern is unfolding to push lower, with wave iii-grey currently active. Whether it will continue to push down or if it is over is not as important as the fact that wave iv-grey is about to open up and push a little higher. After wave iv-grey ends, wave v-grey may return to continue pushing lower.
2024-07-16 - priceactiontds - daily update - goldGood Evening and I hope you are well.
comment: In my weekly post I expected a pullback to the bull trend line and that bulls would buy it again. That happened and then some. Very strong buying and market is right under prev ath 2477.1. It’s strong enough to expect more upside and we can probably print 2500 tomorrow. Where are the bears? Gone and waiting for bulls to start profit taking. You will see consecutive big bear bars and know when they appear. Will be a decent tripple top to short.
current market cycle: trading range
key levels: 2300 - 2500
bull case: Bulls want a new ath and all the stops too close above it. 2500 would be a nice round number to reach. After that I don’t have anything for the bulls. It’s a trading range since April and such big trading ranges happen before the final flag and this one here is probably it. I would not bet on another strong bull trend above 2500.
Invalidation is below 2400.
bear case: Bears stepping aside enough and letting the higher high happen. They will probably wait for the bulls to begin the profit taking before shorting aggressively. Since the highest monthly close is from May and below 2350, I don’t have much arguments for the bulls until they close a month above that price.
Invalidation is above 2510.
short term: Bullish af. Don’t look for shorts. Go long on strong momentum and see how high this can go. 15m 20ema is my stop on any long as long as it holds.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is dumb and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so DON’T. —adjusted 2450 to 2500
current swing trade: None
trade of the day: Long anything around the 1h 20ema.
GOLD Cycle Patterns - Get Ready - Rally - Rally - RallyThis short video shows how my GOLD Cycle Patterns are set up for a broad upward price move in Gold/Silver over the next 5+ trading days.
If you've been following my Plan Your Trade videos (for the SPY/QQQ), you'll probably love these Gold Cycle Patterns and my metals research.
Some people continue to comment that my research is "Spot On". I tend to agree, but remember, these patterns are only about 80% accurate over 12 months.
Still, there is nothing else like these SPY/GOLD Cycle Patterns that provide clear/actionable trading signals/insights 2~3 weeks into the future.
Check it out... Get ready for Gold to target $2550+ over the next 5+ trading days.
Get Some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
GOLD MCX Analysis#GOLDMCX has broken the black bull flag to the downside but is still within a blue uptrend channel.
The Indian government has proposed a reduction in customs duty on gold and silver from 10% to 6%. This initiative, part of the Union Budget 2024, aims to make gold more affordable domestically, potentially boosting the jewelry sector.
I am considering buying near the support level at 66600-500, followed by strong support at 63500.
Can the HOUSE CAPITALIZE LONG during today's NY Session...?COMEX:GC1!
"The One Most Adaptable to Change is the One that Survives." -Charles Darwin
Last night as I was monitoring my assets I noticed here on GOLD that sellers have created this Descending iR/LQ Trendline on the LTF's 1Hr N below that needed to be swept.... Now that buyers have swept that liquidity during last night's London Session. I have now set my limit for NY session to go LONG. I want to see the retest of Major Key Level $2,400.00 as my Key entry and then target the unmitigated 1Hr Supply zone above.
1) I'll keep close update as PA develops and we have more data to work with.
Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently. Let's Keep Steppn!!
Stay Focused & Reach Excellence!!
#BHM500K #NewERA #Champions
GOLD: Time to shine bright?- The chart is self-explanatory as always
- Gold is at the ATH with a strong Bullish candle
- A breakout will do the trick
- Bank of America has given a target of $3000 for 2025
- Yesterday, Gold flew high in the US.
- The rising uncertainty in the world is another impetus.
Thoughts???
⚠️Disclaimer: We are not registered advisors. The views expressed here are merely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. Like everybody else, we too can be wrong at times ✌🏻
Gold swing trading ideas, with a new look at futures sentimentWe take a multi timeframe approach for today's gold analysis video. Taking into account COT data from the weekly chart, support levels on the daily and four-hour charts, we outline our rationale as to why gold could hit new lows after an expected bounce.
MS.
Gold Market Update: Key Support Levels to Watch This Week This week, the gold market is showing signs of potential recovery as prices dip into key demand areas. Currently trading at a discount, gold may find support around the $2,300 to $2,400 range. These levels are crucial to monitor as they historically represent strong buying interest and could act as a springboard for price stabilization or even a potential rally.
As always, keep an eye on broader market indicators, including economic data releases, geopolitical developments, and currency fluctuations, as they can significantly influence gold prices. Traders should remain vigilant and consider these support levels when making informed decisions.
The #1 Reason Gold has hit New HighsGold is a store of value, and its real money
when the price of gold goes up, this is not a good sign for the economy.
It means your local banks are buying it
Because the people have lost faith in the currency because they are not saving
their money in the banks.
You see for a currency to have "Power" you
have to save it in the bank account
This is the only way that you can give your currency power
if you are not saving it, it means the banks are going to buy Gold
In order to stay in the banking business
Have you noticed the Rocket booster strategy?
it has 3 steps, if you want to learn more about this powerful technical
analysis tool, i used on this Gold chart Rocket boost this post to learn more.
Gold is a very valuable metal and so is TVC:SILVER
this is the best time to get in before the federal reserve drops rates.
Thank you for reading.
Disclaimer: THis is not financial advice , you will lose money in trading wether you like it or not.Please learn risk management and profit-taking strategies.
This is why gold's breakout stopped dead in its tracks at an ATHThe combination of dovish Fed comments and a softer inflation report from Canada excited gold bulls enough to send spot prices convincingly to a record high on Tuesday. It was gold's best day in 4 months and closed near the high of the day. Yet it couldn't quite stretch to $2370. And here is why...
The front-month adjusted futures contract for gold rallied in tandem with spot prices, yet failed to test its own record high set in May. And until it does, I remain suspicious of runaway gains for spot gold prices. in fact, it raises the odds of a pullback for gold.
We're not looking to be bearish gold, as the breakout is solid, market positioning remains convincingly bullish without being a sentiment extreme and fundamentals support higher prices. But intraday traders should at least be aware of resistance on the futures contract, to manage their own expectations for spot gold prices if nothing else.
