Black_Draco74

Black_Draco74

Bolling band for XAUUSD is constricting and we have a confluence of 10/30/50/200 MAs all converging in a tight band 1922 – 1930….A big move is coming and it can go either way.

Black_Draco74

A bearish pennant or half way pattern (down) is building up for GDX. A break of the pennant will bring GDX down to region $27.5 smack on the 0.38 Fib retracement of the entire move from March 2020 to August 2020. Gold miners are looking great value but Silver miners may still have more downside.

Black_Draco74

Gold vs Bond Yields makes an almost perfect mirror image. Gold to bottom when Bond Yields peak. Million dollar question is how High the yields need to be before FED acts to execute YCC.

Black_Draco74 Updated 

BTC had broken out of the bullish descending wedge and completed successful backtest in lower TF. Is that the start of a new uptrend since we have yet to see the real parabolic melt up ?

Black_Draco74 Updated 

FBO in DXY, now DXY back in diamond formation. Expecting DXY to reverse strongly up and break out of diamond formation to the upside. 93 possible target.

Black_Draco74

More pain ahead for the miners since JDST had clearly completed the diamond formation reversal.

Black_Draco74 Updated 

Gold held above 1484 and had continued climbing higher on a wall of worry. Nothing broken for now. Gold should be able to make a move to complete the right shoulder of the H&S at the minimum. ATHs of 2019 not ruled out if there's a hard squeeze of bears shorting at the next shoulder. Net net Up first before rolling over to fresh lows, or even back to retest...

Black_Draco74 Updated 

What originally started as a reversal diamond pattern had now evolved into a continuation diamond pattern. What's more there is a Big Bull Flag that is being formed with 4 touches and Gold is now poised to make a big move upwards. Hope it pans out as envisioned.

Black_Draco74 Updated 

Looking down @ 1490 for Gold if 1508 support doesn't hold. If 1508 support holds, diamond pattern has to be adjusted accordingly for possible continuation. For now it's diamond reversal pattern.

Black_Draco74

Uptrend line had held up and 4 point continuation diamond looks complete. Will this be Gold break out event ?

Black_Draco74

Chart is self explanatory....Gold will sail across $1530 and get to $1600