GC1. Gold futures. Trades of 2017. Number 2

Gold is currently completing an eventual Cypher pattern. Although, the price has already gone quite low, it can break 1100 levels as the Dollar Index hasn´t yet completed the last move to the upside.

Nevertheless, due to a great Risk/Reward levels, small longs on Gold can be added as the target price is really high: I believe we can reach a 141.40% extension of 2016 move which would match a 38.2% retracement of the last important wave down. Therefore, my target for Gold in 2017 is 1500 level.

I have already opened a long position this week from 1125 level. Longs can be gradually added, placing SL orders at 1030. My TP1: is 1467, TP2: 1515

Comment:

On gold, I believe there are two main ideas:
1. We´ve already had a low or we will have it at 1085-1120 zone. Then it will go to 1450-1500 and then start moving even lower, somewhere like 950-850 or even lower (haven´t checked it yet)
2. The only thing that concerns me on gold is that USD hasn´t shown the highs yet. I don´t think EUR may hit the parity soon but I either think we have already seen lows on EURUSD pair. Therefore, Gold will react and react lower. If US DOllar index goes above 105, I believe we can even break 1000 level. If this happens, we will first follow to 900-800 levels. Only after these lows are set, we will climb up but that ascending will be much larger in time and much higher, probably, even higher than the current maximum at 1923

The only thing we have left now is sit, enjoy the show and look for a reversal =)

Comment:

Alternative trade chart: it has already hit the TP1 and soon will run to TP2 which is at 1278 area. If completed, shorts can be taken at 1278 to 970-960 area

Comment:

Still heading there

Comment:

Keeps crawling towards the target