Based on studies of past behaviour on gold - back in the days when gold traded much higher than today, we can draw comparisons to present action. We are in an area where price move fast and gold has confirmed that it want higher with its higher high. However, short term cycles point down, and good techincal behaviour is to backtest the breakout line.
I am in option sells entered at 1325, 1327 and 1330. Not optimal entries, but I will be able to close them out in profit between June 14 to June 27 somewhere.
Then there follows a sideways period from June 14 to June 27. FOMC is around 20th. I target 1281 as the backtest level. From there I expect some ranging before liftoff.
With the higher high, uptrend is confirmed, and that leaves it unlikely with a retest of my main expected target at 50 % fib (around 1250).
I am in option sells entered at 1325, 1327 and 1330. Not optimal entries, but I will be able to close them out in profit between June 14 to June 27 somewhere.
Then there follows a sideways period from June 14 to June 27. FOMC is around 20th. I target 1281 as the backtest level. From there I expect some ranging before liftoff.
With the higher high, uptrend is confirmed, and that leaves it unlikely with a retest of my main expected target at 50 % fib (around 1250).
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I'll update as my work progress. There are multiple layers of cycles. The sectors on chart are numerical sequences of trend. As we all know, there are trends within trends, or cycles within cycles, or wheels within wheels.
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Important trend sectors.
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Im gonna exit my shorts today in gold. I need to work out the smaller and intermediate cycle in it. Expecting chop towards FOMC.
Trade closed manually:
Previous short entries closed manually at 1322
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Trend interval entered, spiked in as a high with a complete bearish reversal. That indicates that there is a strong downtrend in this zone till 27th of June. Patience is key here. I'll map out the smaller cycle meanwhile.
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We are approaching date where the smaller cycle will end - mean pivot date is 20th, but there is also the 21st where the new numerical start. The cycle will at latest turn at this date.
I will notify whenever I make an entry here. Confluence of cycles in this region. I'm closer in mapping out the smaller. Don't go and blow your account, better stay out than moving in because of FOMO. Market is always there for new trades!
I will notify whenever I make an entry here. Confluence of cycles in this region. I'm closer in mapping out the smaller. Don't go and blow your account, better stay out than moving in because of FOMO. Market is always there for new trades!
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We're close to 1522, a strong resistance, as well as both a time pivot and a numerical pivot. Doesnt surprise me if gold pulls a bit back here.
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Price reached 1535, a pivot that is in area of 1522 - although 1522 is the new zone. Humm.. I see a price pivot 142X as a likely retracement area.