Looks like the whole Russia situation will end up proping the ICEUS:DX1! , good for a small short entry. Whole week looked like a fakeout (Elon/Zuck won't happen anymore, they knew about sub hours into it happening etc) so I'll pay close attention in this area.
In technical analysis, a "Double Bottom" pattern is a bullish reversal pattern that typically signifies a potential change in trend from downward to upward. In the context of AMEX:GLD (Gold), spotting a Double Bottom pattern suggests that the asset has tested a support level twice and rebounded, indicating strong buying interest at that price level. This can be...
Well 8 days under the 2 day MA of highs. That’s usually about it around a 4 to 1 ratio. Let’s see if we get a reversal tomorrow or Friday and how serious it is.
Head and shoulders formed on D1 chart.
On
i saw that pattern formed too.
So i suggest short sell for GLD for 1:1 target from head to shoulders ( to ~ 166$).
Good luck!
@Tradersweekly @tradersweeklysignal check out this perspective on gold when you zoom out. Your case was bearish short term but on these two longer time frames it looks really bullish, don't you think?
Let me know if my bull flags are inaccurate.
Thanks
Kyle
About 89 days under the 89 day MA of highs. Truly a perfect consolidation example. Could be a significant rally if it breaks through higher. If very long multi year top holds it could really crater.
Saw a big move through GLD 180 and GDX 30 today, with metals like steel ( AMEX:SLX ) potentially not far behind. Some of this correlates to persistent inflation in the market so heads up. Recently we posted about the possibility of NYSE:CF continuing through the 85 handle. If AMEX:XLB can get a bounce of 80 all the better. Good luck traders!
My attention has been brought the past couple days to gold. It still hasn't reached my lower targets and we're getting much closer to September where I think the guidance is suggesting a longer term low. I'm still learning though as all my ideas come from my work dowsing.
I do, however, like that it's been trending down into that date. There is a suggestion of...
Very very rarely will I preemptively get into a position before price breaks an MA of merit. This is one of those times. With GLD under the containment MA of 2 days of highs for 8 days, the containment ratio of 4+ is very rare and I would argue a case where one might get preemptively long. Let’s see what happens the rest of the week maybe into next. Catching...
Contrary to popular belief, gold is a risk asset, and as such, cannot serve as a reliable store of value. It also doesn’t offer better protection from inflation than equities. That is true for the long term; however, in shorter periods, the yellow metal can be a profitable trade, specifically at times of declining real interest rates and when the economy is weak....
The price is at the beginning of wave 5 of wave B. After the end of this wave, the corrective wave C will begin.
It is very likely that after the correction, we will see a strong upward movement.
This is really early, but I know people like to check on gold and it's been fairly choppy and dull.
I attempted an outlook for the year kind of reading on it in April with dates for lows and highs, etc. The results of the dates were off a day or 2 usually, and weren't necessarily reflective of the bigger swings. I will keep playing with this idea though.
So, I...
