I believe there is currently a strong bullish divergence in the RSI and MACD.
My TP is 1250$, and I will re-evaluate gold when/if we get to that level.
We are currently making higher lows in both the MACD and RSI (while the price decreases), which leads me to believe we will see a strong up move in the following days.
My advice is to avoid listening to the gold chat too much, as people will claim 1000$ if we drop 1$, or 1400$ if we go up 1$. I would also advise to avoid listening to people who do not post charts, yet seem to be spamming the chat with nonsense all day, or the people who post charts, but continue to change their opinion/strategy every 10 seconds.
There are a lot of people on here who provide advice based off their current position (their own interests), so be careful when following others. Follow your strategy, and stick to your chart.
Goodluck.
My TP is 1250$, and I will re-evaluate gold when/if we get to that level.
We are currently making higher lows in both the MACD and RSI (while the price decreases), which leads me to believe we will see a strong up move in the following days.
My advice is to avoid listening to the gold chat too much, as people will claim 1000$ if we drop 1$, or 1400$ if we go up 1$. I would also advise to avoid listening to people who do not post charts, yet seem to be spamming the chat with nonsense all day, or the people who post charts, but continue to change their opinion/strategy every 10 seconds.
There are a lot of people on here who provide advice based off their current position (their own interests), so be careful when following others. Follow your strategy, and stick to your chart.
Goodluck.
Comment:
Have been so busy I haven't been able to update this idea.
I'm up early to go to New York today, and will be posting a new idea once I come back on Tuesday.
This gold trade obviously did not go the way I saw it, but if you purchased miners on the 14th, you're either still up, or you're barely down (1-2%). Miners are still very strong, and this is giving me a strong indicator of an upcoming rally (this is true in both gold and silver).
I was clearly just too early with my analysis of the rally.
I'm up early to go to New York today, and will be posting a new idea once I come back on Tuesday.
This gold trade obviously did not go the way I saw it, but if you purchased miners on the 14th, you're either still up, or you're barely down (1-2%). Miners are still very strong, and this is giving me a strong indicator of an upcoming rally (this is true in both gold and silver).
I was clearly just too early with my analysis of the rally.
I probably should have posted in my first post that I trade miners, and do not directly trade gold futures. With that being said, any of you who watch miners know that we did not see new lows this week. The low hit on 14 of November, which is the day I bought AEM/ABX, unfortunately I didn't get in right at the low of the day, but I'm still in a good position (currently down less than a % in each).
The bullish divergence in the RSI is still there on both gold and miners (GDX), and seems to be increasing everyday. Could we go down further? Yes, like we did after I posted this, but there will be a huge move coming up in the next week or two (perhaps it will be after the rate hike).
I am still long, have not sold any of my positions, and what happened over the last few days of the week hasn't changed my mind at all.
Goodluck.