GC1, Gold futures. Broken H&S

COMEX:GC1!   Gold Futures
I believe Gold             has broken a Head & Shoulders Pattern and we can see move bearish movement from here. This could also mean DXY             ascension is not yet finished.

Not sure if it is worth to take any short position though... Notice there is a valid Cypher pattern and, if market decides to complete it, the price may fall to as low as 1125 area.

This movement does not cancel the bullish run and we should see Gold             going to 1,400 area by next year
Comment: Moving towards the target value
Trade closed: target reached: I enter a long position now although gold may go lower. Buying at current price, SL: 1069, TP: 1450
Comment: Longs at breakeven. I think I will close it at 1250 as the alternative variant becomes more and more evident
Really cool that you entered long position one month ago, and I also agree to enter long again after Trump's speech ;)
+1 Reply
@menyuken, aye! It still can turn back a little but ideally we should see 1250
menyuken captain_smollett
@captain_smollett, I would say the first target is 1218 which is the FIBO projection of previous corrective wave ;)
Still holding my shorts targeting 1092 as the 1.618 inverse of the May 2016 - July 2016 low to high. Also it would be a retest of the long-term upper channel trend line marked by going back to March 2014 and Jan 2015 as the highs. Using 1140 as the SL. Either way, it's been a great short so far!
+1 Reply

Following the fork really well. Looks like the target will be hit by the end of December

Price broke the Fork line, retraced to it and now ready to move on to the target value. Looks like we may have a couple of more consolidation days and price may dive by Friday
Definitely a decision point. Sitting at 1.618 extension of October-Nov low-high swing, and 1.272 extension of July-October high-low swing, and it's sitting right on the 100 SMA on the weekly. So this is the line in the sand. Even though oversold on the daily, pulling back to the weekly chart indicates more immediate downside as the RSI is falling but above 30 and the Stoch is also falling but above 20. DUST just pulled back a bit on friday, so going to buy DUST Monday before 10:30 and ride it with TP 60 and 76 (moving SL up as it goes). Again, thanks for your analysis. I analyze via Fibs/Stoch/RSI on 4H using 15 and 3 min charts to time exact entries/exits. Your analysis from a Pitchfork/Harmonics/Pattern standpoint are very valuable in coming at the data from another view.
+1 Reply
@htgroup1, thank you as ever for your feedback! I think I´ve already said that before but I highly appreciate a feedback on my posts.

Should we make a trading team? =))

Exactly the same pattern on SV1, targeting 15 area
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out