Gold - 1300 closer than 1000

COMEX:GC1!   Gold Futures
562 11 12
It looks like Gold             made a major bottom. That is great, but fundamentally, Gold             is under a lot of pressure, so I believe that all we'll get is a small rally. If I am wrong, and the rally will be stronger, 1400$ is the next strong resistance.

On the chart, we have divergences on the MACD lines, histogram and Force Index . They all point to higher prices, but they have been pointing to higher prices at the beginning of the year also. They did rally, but not enough to signal a trend change.
Look at the anatomy of the current leg down. It took much more time to complete. Long legs are not very bullish , but the divergence is still there, so it is still bullish .

For the coming months I expect to see Gold             priced higher. For the next couple of weeks, I would love to see a daily re-test of 1177 - 1200$. I would take a position over there.
Hello, where can I do some further reading on your indicator placed at the bottom? Thank you.
vlad.adrian PRO TomProTrader
which one? Force Index or Weis Wave?
TomProTrader PRO vlad.adrian
The one under the Weis Wave?
vlad.adrian PRO TomProTrader
Oh impulse system. You can find articles on google, or read Dr. Elder's book 'Entries and exits'. He explains there how he uses it.
+1 Reply
TomProTrader PRO vlad.adrian
Thanks a lot :)
Yep. Expecting E to end around 1270/1320

thank you
Sentiment/Fear indicartors are in extreme pessimist territory. We could see a short term rally. http://postimg.org/image/5ocsriqh9/ USD has climbed too much to quikly.
Still I'm waiting for the magic ratio GDX/GLD to conifrm with a breakout http://scharts.co/1vYRdOc
Very nice indicator! Where do you get it from?
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