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.
We are still holding onto to Goldie. She is acting well. First targets were hit and stops pulled up. She may consolidate for a couple of days before reaching for higher levels. We will honor these stops...if we get taken out then no harm done. Stay tuned.
OK...price has popped pre-market and we are pulling stops a bit tighter. We are now at entry minus 10 ticks. We have a very low risk for the incredible reward. If we take out the most recent highs at 1140.70 then we should get our first target. Stay tuned.
Bitcoin has long been a favorite for those looking for an alternative to centralized fiat money. Although I always thought bitcoin was promising, the technological aspect always held safety and liquidity concerns. Due to the fact that it is hard to prove peer-to-peer transactions, financial institutions - especially in the U.S. - have strict policies and layers of...
Following the FOMC minutes on Wednesday, gold has seen a massive two day move that brought the precious metal to five-week highs. Worries mount as market participants are beginning to realize that the Federal Reserve is stuck within a liquidity trap. The minutes statement indicated that the Fed saw risks to near-term inflation (as the five-year breakeven rate hit...
After a major dump...Goldie is consolidating well below it's break. This is Bearish and provides opportunity. 1040 is Major S/R. Gold bugs are crying foul. Remember...you can't buy milk with a gold coin.
A lot has happened since I published my "Gold is in a monthly downtrend chart, but nothing has changed. The downtrend is still viable, and we've recently had a very strong range expansion down bar into new lows. The targets are good for both time and price levels. I'll look to trade the retracement that will probably occur now as a short term long, to then close...
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.
Go long on "optimism" Traders are more “optimistic” in that everything will work out – from rate hikes to Greece – and risk continues to bid higher on the news, or no news as it were. Greece is said to be saved after Prime Minister Alexis Tsipras gave into the troika and EU on a bailout extension. The game theorists got.. played? However, the International...
Gold is hated but most because it is the antithesis of greed, which has been feed for years by central banks around the world. I'll be frank, I was rather bearish on the shiny metal an forecasted $1,035 per toz. in 2013. However, as the charade of lackluster growth and quasi-monetary policy continued, gold's fundamentals are bullish. It is too simplistic to...
With the possible trend lines for gold (GC1!), it looks like we saw a fake break out of that range today, culminating in a doji candle. This on its own is not a good enough buy signal - granted, but if we overlay the price of silver (SI1!), we see that silver has shown a high correlation with gold but with higher peaks and troughs. With gold now at a point which...
Gold remains supported but still range bound. Traders pile into gold following more signs that the US recovery is stuck in neutral, causing the metal to jump over $20 per ounce to a high of $1,218.84 per toz. Retail sales sour economists’ hopes of a strong consumer as core retail sales, ex-autos, rise only .1 percent. This was .4 percent lower than expectations...
Traders knocked gold below $1,200 for the time being, as market participants determine whether or not the Federal Reserve will hike the Fed funds rate for the first time since 2006. The Fed is stringing along financial markets. Either the economy is strong and deserve a tightening of monetary policy, or it is not. The voting members of the FOMC still remain...
Bad data ushers in gold bulls. [/i The dollar is weakening, again, on bad data with durable goods declining 1.4 percent in February versus expectations of a .4 percent gain. Core durable goods month-over-month, ex-transportation, fell .4 percent while January’s figure was revised down from zero to a contraction of .7 percent. The ongoing poor data out of the US...
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
GC is working on a Weekly wedge which means one thing...a nice move will happen. After trying to break out to the upside it was rejected...then price consolidated before breaking lower. Now price is now testing support. We will watch this test and see if there is trigger for a short. If we get short we will look for the 1100 are for a target. This is on the...
I'll mark myself down as long more as a technicality then a true conviction. In my opinion the charting suggest this is bullish, but I like to interpret our break through the multi-decade wedge resistance as a critical point (yet to indicate a particular direction). Despite every suit on CNBC calling the fall of the dollar, I would argue on a historical basis were...
Price action at 1308 (strong supply area) and then swift reaction to Jan. NFP brought me to the idea, that 1308 maybe was excellent shorts reload opportunity and start of the w3 of W5. Downtrend is INTACT, now back BELOW yearly pivot, emas are falling and in standard downtrend constellation, fast CCI is about to break corrective pattern down, like at the end of...