Watch out for Mass Media euphoria! We are still under momentum Moving Averages at the Big Picture. Cheers!
Daily chart is showing that bears are exhausting as well. Price took a dip down in mid August after a bearish (50, 200) ABCD pattern completed. The retracement should stop at either 50, 61.8 or 78.6 fibonacci levels, forming a bigger ABCD pattern, which should take price right out of the triangle. Two leading indicators are giving a buy signal, while MACD is...
3 cycles in (haven't drawn the first three in but see the three arcs/sections) - so 3 out? 33% correction. Hmm. (Or 4, to the seventh, largest wave thing) I've drawn the big circle that big: add in gold futures, silver & silver futures. All over it's all quite nice corresponding measures. The Gold Shoulder: If it hasn't done so already ... There is obviously some...
Uptrend is solid, if the Daily/Weekly Candle for 9/8 or 9/9 can close above 1384, we should see a nice reversal to around 1415.
Today price action is showing that the gold up-trend started in July is not ended. Daily bar bounced from the up-sloping lower parallel and 20EMA (double support). I see another wave up from 1410 to the next resistance 1484.0 -1488.0 (also median line of the price projection). Commercial traders are reducing the shorts and funds seem fuelling the move up...
Possible bearish Gartley ahead. We are not there yet. If there is a deeper pullback or a longer trading range before we reach the Gartley completion level you should consider to wait for 1.272 extension to go short. But if price goes to completion fast it should work from there.
I am looking for gold to dip into 1345 but the short term should bounce around this target before a final drop into the Fed meeting.
Gold has been setting up for a decent short for sometime now, there is a confluence between key support and resistance and a harmonic ABCD Pattern. If your going to enter keep stops tights as the RSI and momentum are NOT confirming this trade yet.
Back test of the break down is over. Time to go down, again?
Good AB=cd projection completion near or around 2019
In previous charts long position in Gold was stated. So far so good and Gold should aim for 1420-1430 next before taking another pause. The ultimate target for 2013 is retest breakdown of triangle near 1530. This should be end of A wave. The B wave should start from there down before a parabolic C brings us to over 3300 and end the bull market. The mania stage is...
CRI's WDB Option model has been suggesting gold and metal stocks were oversold and ready for a bounce. Price action itself has turned bullish of the 'yellow stuff' and now has a Weekly 'Bot' Long working from the 1316 area. Stops at this point are now at break even and will move to 'trailing' should the 1385.74 level be touched. The ultimate target off this...
Seasonally this is a strong price period for gold until late September. The price action is indicating some strength. A buy signal would be confirmed in the 1340-1350 level with price projection 1420-1430. Commercial consumers from COT reports are holding significant long positions. Tight stop. I'm looking also for other buying opportunities, stocks of gold mining...
Some people think we have already bottomed... if so good one! However, there is the real possibility that we have more downside to come. Something along these lines - don't pay attention to where the price points are, just more the way it could move... im expecting some volatility near the bottom though - how much I have no idea...