Posted this several times already and my confidence grows everyday.
This is a super-long term complex H&S. it has started to break out and is on the way to its completion point around $1800. If you respect the symmetry of the chat then I think we will get there by the end of March 2020.
Long all the way.
1524 is a key number for this week. Weekly candle close above indicates the bulls are still eager and correction will be short lived. Weekly candle close below indicates supply is stepping in and a correction all the way down to the 1460 would be expected. All in all Gold is in a strong bull market. a fundamental catalyst of reduced economic uncertainity would be...
After reviewing the chart for GC Futures, I believe there is prospect to the long-side. Based on the way I frame the markets, I would need to see a break (failure) of the opposing 61.8% level at around 1600 and then see a measured move long at a 50% level. Obviously smaller time-frames would need to confirm this at the time to be able to enter into any trade....
Recently gold is moving in a range without any direction around our supply zone but the most important part of the story is that it's respecting the downtrend line starting in February. The main reason for a rally currently is the shaky situation around the US-China negotiations, the higher tarrifs kicked in tonight while the meetings with the Chinese delegation...
Seen some positive price action in gold since May 2nd bottom. With the equity markets in absolute turmoil, coming weeks may be favorable for gold. Regarding the price chart, we are seeing some higher lows in the 4h and 1h time frame. A breakout through the the resistance line and a retest should be kept a close eye on.
Obviously i believe history repeats itself and patterns appear several times throughout history specifically in bubbles. Every time it will differ because of market conditions being different but both follow a similar general path. Just having a bit of fun analysing some historic movements.
Gold has broken above the black trendline and has held as support in the last days. Prediction is it will test again which should trigger the buy. Profit should be taken at major resistance at 1365 USD. Stop is at 1279 USD.
The lure of $1240 is keeping bears active and buyers out, but there are already so many indicators favouring a turn / bottom that the r/r is likely to swing to the Bulls sooner than most think.
Any catalyst at all here will create quite a major short squeeze.
Whilst a lot of focus was on the diagonal support structures for gold, including a bottom at $1240, I prefer this more technical explanation.
The price has basically completed 3 drives down:
1) 1370 (top) to 1303
retrace to 61.8% line at 1328
2) 1328 to 1284 (1.272% extension)
retrace to 78.6% line at 1317
3) 1317 to 1261 (161.8% extension) =...
Failure on Friday to move much lower than $1290 and certainly not even challenge the trending support despite the NFP data tells us the bottom is truely in. I think this is now an accumulation zone whilst we await FOMC later in the month. Will slowly trend up until then.
The RSI on this 4hr chart has bottomed, we've seen it touch the channel bottom & I now think we will see a sustained push to break $1363 (black horizontal) which is the present resistance. With USDJPY looking set to head lower the conditions seem likely for a surge during the Asian session once we reopen after the weekend. Stay long to $1363, then buy more at the...