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...
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.
