As we mentioned...there isn't a lot to do with Gold (GC). It getting close so we are keeping a close eye on this for a big break. No position at this time.
Flip a quarter...it's getting whippy in the middle which means we are getting close to a direction. We are keeping a close eye on this for a big break. No position at this time.
After my last corrective count was invalidated; it now seems that a bullish impulse wave is in process.
We are right now at the start of the 3rd impulse wave which should take price to 1340-60 region.
Note: 1293-95 must hold for this count to remain valid.
Stil we got wolf pattern here. It will be done when price hit 1-4 line. So, looks obviously that up move is not over yet, and i prefer stay long now. Pullback to 1310.05 (probably 4 wave) means a good moment to go long once again.
Yea, my english is amazing.
We are choosing to to stay out of GC1! for the time being. While the break of the descending wedge was tradeable...the action has been whippy and the risk has been hard to identify. Look at the larger wedge building. We are keeping a close eye on this for a big break.
My previous Ew Count is still in tact as long as we don't get a close above 1312...& if this is true then the next leg is very bearish (target c).
However it is always good to do an alternate count... and according to that it is possible that a new impulse wave structure has started; right now we are in a symmetrical triangle (which could be either the first or...
Considering whats been happening in metal this week starting with the Monday massive dumping of gold futures, this duo is surprising resilient, especially silver. As mentioned before, COT shows aggressive GC net short by commercial suggesting this down move will come, no surprise there. Question, is what's the reason for the massive dumpings starting Monday? If...
* Price hit the extension of the neckline from last year's large
head and shoulders pattern and reversed almost to the penny.
* Price is still in a broad range area that may prove to be choppy.
Trade the range until a trend is determined.
* Until price can break above the neckline extension trend line or
break down back below the red descending trendline...
Referring to my previous post on GC, GC is trading the range as expected. Currently a rebound, COT reports huge commercial sell-off. Not expecting downtrend so still trading the range until a breakout.
These days I listen and read pretty optimistic forecasts for the gold price.
For now see this triangle , If this scenario is true the price of gold will soon begin to fall.
What are the chances of this happening?
Very nice confluence with the 1.27 ext measured from C to B leg lining up with 0.786 retracement of X to A. We have good structure resistance dating back to early May '13. Let's see if this pattern can reverse price.
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The title by itself is indicative of any possible trade, but it's more of an opinion than a trade opportunity, as probabilities here on an R/R basis, are not the best, which should be our only criteria.
As you can see in the attachments I was very positive and enter full long precious metal (jacked?) positions, on spot, futures,stocks and bullion more than two...
And we are flat! As suspected the FOMC news would create a lot of volatility. We will keep watching GC1! to see if anything else sets up. However, this is a great example of how it's important to manage your trade. DON'T get married to any one trade. There will be plenty more in the future.
We are still hanging onto our shorts here in GC1!. We would like to see a test of the recent lows. We are in a "free" trade and will tighten the stops further due to FOMC, Yellen speaking and issues in the Middle East. WHile we beleive we could test the 1180 area this year we don't trade on what we think....we trade on what the chart tells us. Trade well!
