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...
1.The GC correlation with the 10yrs Note is gaining momentum
2. The same ZN has a clear potential H&S inv on the daily
3.2008 Analogy still in play ( )
4.Net short positions in gold are still at record
5.Approaching bullish seasonality www.signalfinancialgroup.com
6.200sma as magnet
With the 1st target 20 year 38.2 Fib & 5 year 50% Fib hit (into the all important June options expiry) one gets the feeling this market is getting washed out. I have been leaning short since December and am just now starting to feel confident we are approaching (if not at) some serious support levels in the yellow metal. While certainly not a 'buy', being short...
Much damage this week. GOLD has fallen below a KEY confluence support area. A bearish candle totally outside channel CLONE A, below reference channel B and below the .5 Fib level, Next near term target is the .618 Fib level.
Looking at gold thru these Gann Fans, I am seeing a potential falling wedge formation. The price above is acting as new resistance and the price below is acting as old support.
Just looking and sharing some thoughts on Gold. I am seeing a potential setup for a positive move soon. Similar to the one in early 2012. The moving averages are laid out like rungs on a ladder as both resistance and support as they are met and crossed. The 50 will be the hardest to cross as it has served as resistance since November of last year. This double...
Indicators are yelling "Oversold" but Fibonacci retracement points to $ 1300.90 for a 50% correction, may not get there, distribute buying below $ 1350. Rebound could take it to $ 1447
