COMEX:GC1!   GOLD FUTURES
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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 losing momentum after completing a bottom half-circle, price should move up from here anytime soon.

Place stop losses under the 78.6% level, or under the triangle lower trendline .

You should either take long on a bullish candle, when price cross point B @ $1423, or on the triangle breakout. I would wait for the FOMC meeting to assess and make a proper decision.

You have plenty of scenarios to choose to go long from, measure your own risk and reward and take positions wisely.
RedStaR
3 years ago
http://i43.tinypic.com/33acgtt.jpg

Looking at the monthly chart, Gold definitely took a big hit in 2013 after last September's QE. And with a taper around the corner, looks like it's time to buy the dip.

This is one of my favorite breakout patterns, a symmetrical triangle, and it's currently approaching it's peak, so keep an eye on price breakouts. Usually it's a continuation pattern, so in this instance, the uptrend looks to continue after breakout.

The price dip from earlier this month completed a 61.8% retracement starting from 2009-2011 and correcting in 2011-2013. The lower red trendline will act as a support line, and should not be broken at anytime soon.

The 3 leading indicators have never dipped this low in oversold territory since the year 2000, it should be a good signal to buy. A bullish trigger to watch for is wait for RSI(9) to cross 50, but a triangle breakout will most likely occur sooner.
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kamukak
3 years ago
if gold need to hit anywhere near the 2000 mark then DXY need to breakdown, are you expecting a break down in DXY and if so then GBPUSD should shoot to moon?
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RedStaR kamukak
3 years ago
Based on the monthly chart, the giant AB=CD takes one step every two years. The 2000-2200 mark is not expected before sometime around mid 2015.
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