Longer term view of Gold

Year 2017 both the politics and economic circumstance will hold gold price above $1120 level. It's the year of new presidents that will cause uncertainties, as well as the impact of Brexit. Meanwhile the inflation level is still low which cannot support aggressive monetary tightening.

Gold price in short term is going to test the trendline,and later we're going to face the FOMC in Mar.15, which still has 30% possibilty of rate hike. So i expected that before that timing,there might be a retracement.

Here I don't want to talk too much about the technical analysis, bcos it's a longer term view, the Fundamentals desides.

Trade active:

That is a short term entry for long on last Fri. after NFP announced. The plan was issued 3 hours before NFP for once the NFP came out, 1207 holded can go long. It only set up for the company use and my family member, so didn't published here.

Comment:

I exited my longs at 1222 for safe, due to 4H

Comment:

I bought back at 1223, sl 1221, tp 1236-1243

Comment:

weekly S1 1234,confluenced AB=CD tg:1234;
broke out 1234, will test Bullish Gartley tg:1236-1243.
Weekly R2 1249 is the key resistance.

This is the patential AB=CD pattern, found in last Fri.

Comment:

AB=CD, D tg 1234 reached. I closed my longs at 1234.
In daily chart, it also hit the trend line.

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Comment:

Broke 1228 will confirm the TOP of Wave e

Trade active:

Bearish divergence took place in 1 hr. chart.
Entry: 1234
Tp1: 1211
Tp2: 1199
Tp3:1185

Comment:

It just hit the ceiling of channel box.
My pending short effected at 1242.8

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This 2B pattern tells this time really will break go south.

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i took some profits at 1231.5now

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hit my tp at 1225.5,the rest positions were cleared out.waiting for a bounce to short

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Wave iii compeleted, now bounce to 1229-1230 go short, tg:1213

Comment:

Daily chart likely retrace 1192-1183

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Today's closing, we need to break 1219,that's important!

Trade active:

i shorted 1226.55w/small position;once bounce to 1230,i will add

Comment:

The bounce a little bit strong than i expected, now i updated my chart, seems like retraced 0.618 level done,still waiting to short again

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This is an interesting try:)

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Shining cool tools! I Love TV;p

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Daily closing tells 1219 has some supports and so far still swing between 1219-1240

Hourly chart we will take 2 chance to short once test 1239-1240 and failed to break out.
Tp1:1211-1207
Tp2: 1201-1202
Tp3:1193-1194

Comment:

There's no change for the plan, yesterday 1222 holds well

Comment:

Potential bearish cypher and butterfly pattern if bounced to 1241ish

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Late updates for the chart, due to network too slow.
Channel bottom cannot be break, so i closed my short at 1220