Watching the market during the globex session we have decided to get short on a break of 1271.00. We will keep stops a bit tighter (off of 60 min chart) at the these levels.
GC is getting close. We are watching for an entry. If we get the entry we will look for a test of the most recent low.
We've received a few emails about the most recent move in GC and why we "didn't see it". We saw it but that is a small break inside of a much larger pattern. This trade is not in our trade plan and we choose to look for larger opportunities. Consult your weekly chart...it tells a better story of GC. If this continues to break we will look for entries but for...
Possible Bullish Divergence in Gold, which should end the corrective wave and start the new impulse wave.
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.
Have no idea where people finds short signals here. At least traingle should be breakdown.
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...
A possible hidden bearish divergence on gold. It is also close to a resistance area
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.