3 indicators Gold will possibly top at +- 1800
Hi guys/girls/peeps,
I've been into gold lately and while analysing the gold charts I notices there are 3 indicators pointing directly at the 1800-1900 level as a reversal point.
When looking at the D charts you can see a possible cup is forming, the top of the right hand side, would coincide with the 1800-1900 level (2011-2013 range) with a possible pullback to 1347-1416.
I've also been into bats lately and notices that the same D chart also indicates a bearish bat pattern, where the D points at the 1800-1900 level again, and where the pullback range (1347-1426) coincides with a 0.618 pullback.
When looking at the H chart there is a possibility an inverted H&S pattern is forming, with a neckline at 1739. If this turns out to be the case, the target (again) is the 1800-1900 area.
There's been a general consensus that the SPX500 will topple over and form a lower high soon. This'll mean a massive bunch of selling. If traders will need gold to finance their margins, there might be a massive sell off of gold incoming. When looking at the timeframe this all might happen, it looks like it might be iminent.
So bottomline... If gold reaches 1800-1900 area, be ready for the SPX500 to tumble ;-)
If this turns out to be the case, I'd slap myself since I wouldn't believe it :-)
*This is just personal analysis and interpretation of the charts. Hence the use of conditionals above ;-) So this is not trading advice*
I've been into gold lately and while analysing the gold charts I notices there are 3 indicators pointing directly at the 1800-1900 level as a reversal point.
When looking at the D charts you can see a possible cup is forming, the top of the right hand side, would coincide with the 1800-1900 level (2011-2013 range) with a possible pullback to 1347-1416.
I've also been into bats lately and notices that the same D chart also indicates a bearish bat pattern, where the D points at the 1800-1900 level again, and where the pullback range (1347-1426) coincides with a 0.618 pullback.
When looking at the H chart there is a possibility an inverted H&S pattern is forming, with a neckline at 1739. If this turns out to be the case, the target (again) is the 1800-1900 area.
There's been a general consensus that the SPX500 will topple over and form a lower high soon. This'll mean a massive bunch of selling. If traders will need gold to finance their margins, there might be a massive sell off of gold incoming. When looking at the timeframe this all might happen, it looks like it might be iminent.
So bottomline... If gold reaches 1800-1900 area, be ready for the SPX500 to tumble ;-)
If this turns out to be the case, I'd slap myself since I wouldn't believe it :-)
*This is just personal analysis and interpretation of the charts. Hence the use of conditionals above ;-) So this is not trading advice*
Comment:
Right shoulder is forming, waiting on brakout of neckline. Possible on Monday 27th or Tuesday 28th
Comment:
Still heading in the right direction...
Comment:
Still heading for the completion of the right shoulder. Bit of delay though, but a breach of the neckline seems to be coming
Comment:
Head and Shoulder pattern can't be completed anymore, so idea is invalid.
You can't be right everytime ;-)
You can't be right everytime ;-)
Comment:
It practically completed the cup... Curious whether it'll go to the moon or form a handle...