Gold trades near 5 years low hitting the low of $1073 in the early hours of day. The Bullish Three Drives suggest buying at the current levels with the stop loss of $1060 for the target of $1250.
Get on the train and look forward for your income :) 1. Buy some pieces of position. 2. Set 2 or 3 stages of TP. 3. Set one stage of SL. 4. As u wish put some BuyLimit or BuyStop positions. 5. After Reach first stage TP close first piece of position, and change SL. In long term is posible to get 1255.
Gold have been very sensitive to economical data, but technically I think that first target will be between 1149-1140, then a little bounce and finally reach the A=C formation round 1060's.
A nice triangle is being formed. Expect breakout soon. Stay tuned to PurePriceAction!
Special thanks to @Lanmar for spotting a counting error on my previous chart
Not sure if I can tag people here, but a special thanks to @Lanmar who spotted a wave counting error on an earlier chart I posted.
Buy Above 1165.5 Sell after 1181,8 or below 1165,5.
THE CLASSIC PSYCHOLOGY OF A MARKET CYCLE. WE SEE THESE EMOTIONS THROUGH RETAIL INVESTORS WORLDWIDE. MAKE SURE YOU HAVE 20/20 HINDSIGHT ON GOLD BEFORE YOU GET CAUGHT IN THE HERD. REMEMBER, NO BIAS. @YUNGFINANCE
$GDXJ I was wrong in thinking the low vol pull back would hold. (see post from 2015.02.23), However, on 2015.02.26 and 2015.03.02, supply signals calculated as a warning. Toxic.
We are staying away from Gold for now. There is no edge in this area. Lot's of needles have drained the accounts of amateurs. DON'T be an amateur! Be patient. Another setup is around. We are watching for either a bounce into resistance or a test of the weekly double bottom. Stay tuned