Gold: Gathering energy for its next move!

COMEX:GC1!   Gold Futures
When panic takes over the market, gold is frequently the flight to safety commodity. Why? Something about the currency of a post-apocalyptic world being gold and guns. We certainly saw that flight to gold in this most recent market sell-off and despite the sharp rally we've seen in the S&P , gold has been reluctant to lose value.

I've highlighted a bullish pennant on the hourly chart with a daily chart just below it to give context of where we are coming from. Fundamentally and technically, buying gold on a break of its top pennant trendline makes sense. The move measures up to $1318.

Buy gold on an upside trendline break
Target: $1318
Stop: $1282
Comment: The price is still being controlled by the top line here. However, my guess is that this breaks on the next move up.
Comment: This is likely to trigger today.
Order cancelled: Broke to the downside after all of that, trade canceled.
I still think you had the right idea on this one. It could be that a bigger "handle" is forming on the bowl-shaped "cup". I'm new at this but I've read that the handle shouldn't really retrace more than 50% of the move... so maybe a target around $1,255?
+1 Reply
@feej, I'm not sure I would throw this in the "cup" pattern camp, but it's definitely bullish still. I think we will see gold go much higher if we see more vicious market sell offs. I still plan to buy gold on a breakout above that overhead trendline on the triangle. I will make a new post when it starts if it starts to approach it. Thanks for the follow!
feej TradeWithAdam
@TradeWithAdam, today may be the time to make your next post on this trade :)
@feej, See my post from this morning:
Agreed. It just started.

Tomorrow 1/11/2019 the stocks market should be down but gold should be up.
+1 Reply
Thanks for the excellent update!
+1 Reply
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