FRS tomorrow. Suppose, that many traders will hedge own finance. So, I will buy the market, S/L 1045.40, T/P 1096.31
Looks like we will be testing the longest term trendline with support down at the .618 fib
One big reason why I bailed out of my Long yesterday other than the obvious lack of price confirmation and the weakness in the Euro is that moves that start with sharp movements often end with sharp movements and not dull slow bottoms. EW people will simply see this as a Wave 5. I am looking for supportive price action around ~1118 which is a great support zone coming up.
I believe one should keep one eye on EURUSD while trading Gold right now. As long as intra-day strength continues on EUR , the price action on Gold should stay supportive Long 1137 Stop 1130 TP: ~ 1147-1155
Gold was very strong on it's way up. Now it looks like the extreme is reached and therefore i see a PB to the CL. No direactional bias... P!
Trade what you see...Facts, nothing more. In this Chart the facts are, Gold has had havy resistance athe the CL's and the U-MLH, now breaking the most important, Big-Boy CL's again to the South. Steam is blown in the wind and many probably getting hurt...again... Longterm i see Gold far below 1100, not just at the CL. ...but this is just my opinion, no facts,...
Look for positive long term growth, keep an eye on a retest of the downslope on the larger fork.
WHAT A MOVE...The jobs number spiked Goldie. The spike took out the last days highs and also blew through our trigger zone with virtually no chance of triggering short. THIS IS WHY WE USE TRIGGERS. If not, it would have been a very quick stop. So this trade is no dead to us. We still have Goldie on the watch list. The erratic action is telling us that she is...
After being stopped out on the long side we are back in the wedge. The fake breakout could reverse hard and squeeze the gold bugs so we will short any bounce. The failed pattern is a great pattern and one of our favorites. We also have a MONTHLY signal that fired short so we will press the short side of Goldie. Remember...NO TRIGGER, NO TRADE!
We were stopped out of our Gold position and are on the side lines. We mentioned that we had a larger time frame signal setting up and the long side was fighting that signal. We are now back in the wedge which could mean a fake break out and lower gold prices. Keep this on your watch list.
Simple EW setup with trend channel. I expect last wave 5 up of c of abc of small 4 to hit 1106-1107, then market should reverse down for the last drop. Entry (pending) 1106.00 Stop 1108.50 (wave 1 territory - invalidation) TP 1096.00 RISK/REWARD 1:4 very nice!
Down we go, meeting P5 the chart says...
GC missed the lower (pink) A/R line = Hagopian = Pric is going back (or furthert) to the point from where it came (Centerline). And so price did what the rules tell (LOL). With zooming the CL (black), price has reached the Trend Barrier, from where it could possibly stuck, or even turn. I expect the turn, because if a CL is zoomed, price usually pulls back to it,...
Gold Had it's chance & failed miserably. It simply cannot compete with the strength of the Dollar. I expect this Bear Pennant to Break Lower.
Gold has been trading lower and lower for a few years. It reached highs of 1900 and has since then fallen to recent lows of 1070. Whilst I am looking to buy and hold NASDAQ:GOLD at bargain wholesale prices (~$1,000/oz), I will look to take short-term opportunities on the short and long sides. I believe prices should bounce between these levels. Long...
A=C Done! I believe that it will bounce (target 1140) but the main direction continues down, so in August the fear of the increase of interest rates will be showed.