COMEX:GC1!   Gold Futures
1079 13 5
Just another experimental study.

My rules for now is to spot cycles form bottoms
I really do think this is what happens for gold
this week's price action is shacking the spiral theory...
I am very disappointed in metals right now, the 250 dollars range of the last bull rally in Gold shifted the side of the trade to the bulls on higher time frame (why i was still looking to buy), but this 120 $ pullback violates the 70 $ range on smaller time frame, canceling the potential bottom we had been waiting for. Next test will determine and thus confirm what is the next move to follow, only if 1309-1313 current level holds. case #1: 50-60 dollars bounce and more down, around ma34 test on daily or #2- breaks trough last high and goes to 164.27. i give it 50/50 since the confusion between higher and smaller TF.
Specific miners and SLV still holding above MA50 on daily timeframe
When i say goes to 164.27 i mean it makes another 164 $ leg to 1470 level
BEI I believe the red line is where gold is heading - 1200
i am beginning to think same thing
As a Fibonacci freak (math wise) this is really, really cool. As a trader, I'm slightly skeptical, but will certainly pay attention to see how this experiment pans out.
I mean its a cool picture but let's not get ridiculous with the 'fibonacci thing' ;)
BEI derek
that is why it is i call an experiment... you can find those relations everywhere, i agree. Per example 87-00-08-13? on market correction etc...i don't trade them even if the correlation is quite peculiar. you can find other charts on why i am buying a bull on metals other than this one.
+1 Reply
Can you elaborate on your measurements?
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