Perseus
Long

BULLISH DIVERGENCE IN GOLD

FX_IDC:XAUUSD   GOLD / US DOLLAR
18 days ago
I believe there is currently a strong bullish divergence in the RSI and MACD .

My TP is 1250$, and I will re-evaluate gold             when/if we get to that level.

We are currently making higher lows in both the MACD and RSI (while the price decreases), which leads me to believe we will see a strong up move in the following days.

My advice is to avoid listening to the gold             chat too much, as people will claim 1000$ if we drop 1$, or 1400$ if we go up 1$. I would also advise to avoid listening to people who do not post charts, yet seem to be spamming the chat with nonsense all day, or the people who post charts, but continue to change their opinion/strategy every 10 seconds.

There are a lot of people on here who provide advice based off their current position (their own interests), so be careful when following others. Follow your strategy, and stick to your chart.

Goodluck.
14 days ago
Comment: What a couple of days to end the week eh?

I probably should have posted in my first post that I trade miners, and do not directly trade gold futures. With that being said, any of you who watch miners know that we did not see new lows this week. The low hit on 14 of November, which is the day I bought AEM/ABX, unfortunately I didn't get in right at the low of the day, but I'm still in a good position (currently down less than a % in each).

The bullish divergence in the RSI is still there on both gold and miners (GDX), and seems to be increasing everyday. Could we go down further? Yes, like we did after I posted this, but there will be a huge move coming up in the next week or two (perhaps it will be after the rate hike).

I am still long, have not sold any of my positions, and what happened over the last few days of the week hasn't changed my mind at all.

Goodluck.
Thanks for your effort..i also do trade only miners these days ,mainly GDXJ and JNUG and i do share your view that we are on the brink of a major move to the upside..RSI over the years have been probably the best indicator in relation to miners and i see similar picture..but also my main strategy is comparing the analysis of COT report by many people,trying to establish algo-robotic HFT patters of bullion banks trading desks..as in my last reply to chartwatchers i also see next week as potential of going upwards..Keep the good work!!
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Perseus leonarddavidson60
12 days ago
@leonarddavidson60, I agree completely in regards to the RSI being the best indicator for miners, as well as the usefulness of the COT reports.

Hopefully we're both right!
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