If you have been on the fence about buying gold perhaps this idea will help. I present a weekly chart with the possibility of gold in this descending triangle formation with a strong chance of completing in the near future. This position would target the 125 area by the end of this year with the possibility of breaking out and targeting 150 by mid-late 2015. ...
From June 2011 to April 2013, we note a major bearish topping pattern breaking out below 1,550 and price went for a deep dive to as low as 1,200. This clearly indicates that price is in a bearish environment. Between June 2013 to Sep 2014, price has been consolidating sideways with lower highs and higher lows, forming a symmetrical triangle pattern. This is...
Weekly close below 1181 brings 1097 then 1004 then 867 measured move target off of descending triangle consolidation pattern.
GC is still working well for us. We like this trade and are still holding for the "Go or No Go" area. We have dropped our stop another level. We are trailing until we get our level or we get stopped. Either way it's important to manage your trades.
Gold is collapsing again. A rising stock market, soaring Dollar and lack of fear is continuing to put pressure on the metal. The Market Vectors Gold Miners ETF (NYSEARCA:GDX) is into a key level here, the 200 moving average on the daily chart. While this level may be good for a multi-day swing trade long, it is unlikely to be the final low of the mining index in...
XAUUSD (Gold) may be setting into a 3 drive pattern. Also a triple bottom. All at the 61.8% retracement from the runup from 2008 to the high. Buy in at $1200, set your stop below 1163. If it goes below 1163 get out. Fingers crossed for GOLD here.
Gold dropped hard yesterday through a support trend line awakening the bears. The drop was anticipated as it appears to be a smaller degree 5th wave to finish off the purple 'B' wave. That drop took us to the 78.6% retracement level of the June-July 2014 up trend. This places Gold at a price point where we are offered a good opportunity to buy with nearly a 1:3...
Major price pivots added for more short term profits
Failed H&S pattern breakdown means the H&S WILL materialize itself in the near future bringing possibly 1.13. No more correction!!!
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...
$GLD price has been consolidating in a sideways pattern. Gold is reacting in a narrow manner to daily news. After opening lower today price rallied on the potential Ukraine/Russia conflict.
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A move up through $1434 (green horizontal line) could take us to $1570, $1790, $1920, and beyond...
This seems like the most likely reversal point and has 5 good reasons: Notice the convergence of 1) upward trend channel lines, 2) downward trend lines 3) support/resistance 4) a round price point, $123.00 5) Major recent hi/low fib support.
* 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...