There might be the best few weeks of this year for gold ahead of us in the following 2-3 weeks.
Last weeks' gains are very important. We successfully printed a big weekly gain after the previous weeks' red candle. It's not just a green candle, we also run to a higher high and it's the highest close in 12 weeks.
We are back to the level of the election week's low...
And we printed these gains without China gold market.
In the previous 2 week we were trying to break below the 10 EMA but price has gained back above the 10 EMA both times. Last week we bounced from there and closed above the 20 EMA.
Notice how last year gold was printing its rally above the 10 EMA. When we couldn't break below it price bounced hard from there crashing the BB's upper band.
I think the same thing is going to happen this year.
Don't forget China is back on Monday. The USD had weakened 1.8% last week. China will do the same to the Yuan. When the Yuan is weakening people will seek safe heaven assets to house their savings and protect it from devaulation. But this time as Trump is supporting the dollar's declining valuation the money will start to flow into gold.
This phenomenon is likely to get stronger if stocks start to fall but that is not necessary for a gold rally. Gold can rally along the stocks...
Indicators
RSI is heading to the overbough territory. We have to think about closing the position when it leaves overbought.
MACD just crossed over it has a long way to go.
SlowStoch also has a lot of time till it gets overbought.
The next important resistance is the 50 and the 200 MA. Last week we closed above the 100 MA.
Next week I would like to see a close above the 200 MA and maybe on the 50 MA.
2 -3 weeks from now we might be tagging the BB and the blue trendline.
LONG UPDATE: We are long from 1184.
Last weeks' gains are very important. We successfully printed a big weekly gain after the previous weeks' red candle. It's not just a green candle, we also run to a higher high and it's the highest close in 12 weeks.
We are back to the level of the election week's low...
And we printed these gains without China gold market.
In the previous 2 week we were trying to break below the 10 EMA but price has gained back above the 10 EMA both times. Last week we bounced from there and closed above the 20 EMA.
Notice how last year gold was printing its rally above the 10 EMA. When we couldn't break below it price bounced hard from there crashing the BB's upper band.
I think the same thing is going to happen this year.
Don't forget China is back on Monday. The USD had weakened 1.8% last week. China will do the same to the Yuan. When the Yuan is weakening people will seek safe heaven assets to house their savings and protect it from devaulation. But this time as Trump is supporting the dollar's declining valuation the money will start to flow into gold.
This phenomenon is likely to get stronger if stocks start to fall but that is not necessary for a gold rally. Gold can rally along the stocks...
Indicators
RSI is heading to the overbough territory. We have to think about closing the position when it leaves overbought.
MACD just crossed over it has a long way to go.
SlowStoch also has a lot of time till it gets overbought.
The next important resistance is the 50 and the 200 MA. Last week we closed above the 100 MA.
Next week I would like to see a close above the 200 MA and maybe on the 50 MA.
2 -3 weeks from now we might be tagging the BB and the blue trendline.
LONG UPDATE: We are long from 1184.
Comment:
As the dollar bounced in the morning and we got overbought yesterday we have some pullback today.
Comment:
It's day 7 so no it's not going to break below 1200 by tomorrow.
We will see higher high soon
We will see higher high soon
Comment:
Breaking - Higher high.
Comment:
The recipe for the rally is the lot of short idea:
Comment:
Before we turn down we need to see much more green points than red
Comment:
No question anymore.
It's a higher high even in Scandinavia.
It's a higher high even in Scandinavia.
Comment:
We are following the plan:
Comment:
I will update gold today .
It's rallying with the dollar. Imagine what will happen if the dollar is ready with the H&S pattern and breaks down...
It's rallying with the dollar. Imagine what will happen if the dollar is ready with the H&S pattern and breaks down...
Comment:
I'm adding at this dip. Will explain later in the new post.
Comment:
It seems we are printing a very violent HCL(half cycle low) today.
Price might be reversing completely by the end of the day without making any damage in the weekly candle.
Price might be reversing completely by the end of the day without making any damage in the weekly candle.
Comment:
Comment:
As we are on day 10 it means this daily cycle will be shorter: 20-23 days long.
And we will print a top at the end of next week or at the beginning of the week after next.
And we will print a top at the end of next week or at the beginning of the week after next.
Comment:
More and more looks like a HCL...
New high is coming soon.
New high is coming soon.
Comment:
Trendline tag.
Last hope for shorts.
Last hope for shorts.
Comment:
Silver broke out of the down trend channel today.
It's another sign that the party is really starting now.
It's another sign that the party is really starting now.
Comment:
Silver can produce this kind of breakouts:
Comment:
It was 4 dollar in a week last year.
How about 22$ next week?
How about 22$ next week?
Comment:
The close will be around 1235-36$. To keep the bear hope alive:
it's just a trendline testback.
Monday morning it will be pushed to new highs.
it's just a trendline testback.
Monday morning it will be pushed to new highs.
Comment:
I start to see a lot of ideas based on an evolving double top here.
For those who are with me in this rally I suggest to wait for a breakout and a rally to 1300. The chance that we have a double top is less than 10%. If you want you can decrease your horrible long positions but I say don't cut all your winners because we still need to have a parabolic part of this rally...
And of course : no shorts.
For those who are with me in this rally I suggest to wait for a breakout and a rally to 1300. The chance that we have a double top is less than 10%. If you want you can decrease your horrible long positions but I say don't cut all your winners because we still need to have a parabolic part of this rally...
And of course : no shorts.
Comment:
Comment:
If this flag breaks out nothing will stop gold to 1280$.
Comment:
The short squeeze will push price to new highs.
Comment:
We are going to break out tonight.
Comment:
I will launch the new post in a few minutes.
Trade closed manually:
50% 1254
25% 1249
25% 1237
25% 1249
25% 1237