From COT Data a move till 1400-1450 (even 1500) is possible, but also a similar move to downside... I've discussed various times the Gold/GDX correlation with treasuries, JPYUSD and DXY, so time for my "secret" indicator TLT*JPYUSD/DXY . I guess most of you will be able to see the strict correlation with the Gold price following "quite well"... Hmm, could be better than just quite well. We currently see a significant divergence between these 2 charts. So currently I am expecting a "reasonably" strong move of either of them. My guess is Gold...
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nothing from this weeks cot data ...
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1238 should be in on Mon/Tue after Friday's shooting star, but no clear idea what to expect the next week or 2 ... 1270-1280 is the resistance where I will give up my bearish view on gold, but I rather believe we need a correction back to 1180 to break resistances in trend channel and lt 1280
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back to that indicator... have you ever seen such a perfect bear flag ? guess where gold should be...! 930-940....
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StevenBrooks
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Love your posts... Would you say you are short Gold here at these levels?
darth.stocks
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@StevenBrooks, thanks a lot for the like... And yes, I am short at these levels mainly since from classical Wykoff P&F Charts I see a distribution pattern since we have a low price action on a reasonably high volume after December low. If we do not get another Brexit (or whatever) and take 1280-1290 out my Price Target would be in the 850-950 Range... I am aware that gold bulls will hate me, but if you check my old (autumn 2015) posts on gold at times all were bearish, I was suggesting a target above 1300... Now it's the other way round.