As posted on last December, gold is building wave 5 with a text-book elliottwave structure. Now in wave 3 of 3. A move back to ext 0,618-0,764 is expected to complete wave 4 of 3. Then it will continue up to follow the shown trajectory.
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Gold ended wave 4 and now has a powerful 1-2, i-ii elliott wave pattern . Target 3500
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This is a really simple trade. Here is a weekly candle chart showing nothing but weakness. Gold failed to breakout on any time frame. Now, it is threatening two plus year support. If the support breaks, and only if it breaks, take the short side of the ledger. Ticker: $IAU iShares Gold Trust.
I am using the IAU ETF as my trading instrument to represent the Gold spot market. Looking at the Fibonacci retracement starting from the 2016 low of $20.44 and extending to the August 2020 high of $39.14, we see that the top two retracement levels are in play. The 38.2% level tends to be the most common for handy support and resistance levels. We saw price...
I think gold is not getting enough volume to go higher despite of the pull back into the channel.
We didn't expect this type of move on IAU (we expected a return to 21 really) but welcome now we can almost retire. Still searching for news if anyone has any on IAU it would be welcome.
What would you do? There seems to be heavy resistance at 18.50 and no real exciting support until 16.50. The previous stimulus checks don't seem to have really moved the price of gold. Where's the inflation? Normalized by DXY:
Here is my chart and I am see on the 4h what look like the end of a correction and getting ready for either a rally to $2000 or sink back to support at $1873.
Based on the strength of the US Dollar ($DXY) and the movement of gold, it looks like it could be retracing back to the $1765 area. $DXY $GLD $XAUUSD $XAGUSD $SLV
$XAUUSD (4 hour chart): head and shoulders pattern. I believe gold will drop to the trend line in the near future, which should provide a great buying opportunity. My target box is noted in pink. I'm not a professional or analyst. Just seeing what I see, and sharing it with you. $GLD $IAU $SLV $XAUUSD
Gold has just reached the Fibo 23.6% retracement area. Oscilators indicate no divergence for now. Price may continue to go up until $2.100, where it shall find some resistance.
Have a great day
Volatile market. GLD too expensive, high premium. IAU excellent alternative. Shorting Gold for IAU $140 Strike at $0.15. GLD/Futures approximately high 140's.
Gold got hammered today as U.S. Treasury yields staged a decent uptick, but the long-term picture remains quite bullish as long as this consolidation channel holds.