MaxxPayme

GC_F daily-Big reversal in Gold today but still in trading range

COMEX:GC1!   Gold Futures
* Price hit the extension of the neckline from last year's large
head and shoulders pattern and reversed almost to the penny.

* Price is still in a broad range area that may prove to be choppy.
Trade the range until a trend is determined.

* Until price can break above the neckline extension trend line or
break down back below the red descending trendline there is no
long term trend determined yet. Price is still technically in a downtrend.

Good Evening/day to you my charting friend. No less!,,,, I was wondering , if time permits.
Under 1280 zone, thoughts and a chart please!
Glenn. THanks MaxxPayne.
My good friend on another platform is a MAX!
Reply
MaxxPayme Iskandarglenn
Hi Glenn,

Let me see if I can work another chart up for you - what time frame would help you most?
Reply
Weekly would be nice!
A direction to have for the near term.
Poss. lower targets?
If any?

Glenn.

Glenn
Reply
MaxxPayme Iskandarglenn
Glenn, here's a weekly chart with some possible downside price targets. Based on a break of the descending triangle consolidation (weekly close below 1180) levels to watch would be 1097 1005 and then 867 would complete the measured move.
Reply
Thank you. MaxxPayme,

I like 1097 area, as i think the weekly pattern is simply 3 Falling peaks! Target 1095. That is weekly people!
Good trading friend!
Glenn.
Reply
MaxxPayme Iskandarglenn
You are very welcome - I think there is an excellent chance that price reaches the 1095-1097 area. Best of luck to you.
Reply
Thanks ,
If at any time you feel the need to chart. Could i be so bold as to ask Australian XJO. I have a fall, happening, coming. IMO
Im my warped CS mind, i have 3peaks and a Doomed house pattern , currently b/w 25-26, 27 then down to 28 i feel.

Cheers
Glenn.
Reply
Good Day to you MaxxPayme, 3 weeks have past quickly.
Would you, when you can, please!
Approaching bottom trendline, and to be honest have been, and still are...Short!
Reply
MaxxPayme Iskandarglenn
Hi Glenn, so far price has done pretty much as I suspected - chopping about in the purple "no mans land" Even with today's large up move price is still right in the middle of this zone.

There is no real edge for long or short trades at the moment with gold...very choppy.

Good luck!
Reply
Short term trading. Love the challenge! Good day to you and yours!
Reply
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