chartwatchers
Long

GOLD - Jumping on the gold train

FX:XAUUSD   Gold / U.S. Dollar
7960 113 103
Yesterday we not just broke the red trendline but also printed a swing on the daily chart .
Today we made a higher high, so
I make the call : we are in the 2nd daily cycle.
In gold's intermediate cycles the 2nd daily cycle always the strongest one.

My advise to open the position and if we have a dip add to the position. In the 2nd daily cycle the pullbacks are small and rare. Next week we are going to break to new highs ( above 1376$). I think the stock markets will print a HCL             decline and that will help gold             to rally. And when the dollar starts to fall - it seems to be starting now - gold             will skyrocket.

No shorts from now it's going to be a big move up.

Comment: Pullback levels:
20 EMA (we are there right now) and 50 EMA
snapshot
Comment: Close to the 50 EMA.
BUYING
snapshot
Comment: It seems the pullback is done : we almost tagged the 50 EMA.
Hopefully surprise will come to the upside...
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Comment: Gold is forming a flag after BoJ.
Waiting for a break to the upside.
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Comment: Bull flag broken.
You get 3 very good entry points for the 2nd daily cycle.
I hope some of you have entered. It's going to be a wild ride above 1400.
I was adding at the bottom of the flag.
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Comment: I'm waiting for the dips to add.
But it seems we will have a daily maximum close.
Comment: IMPORTANT:
THIS IS THE SECOND DAILY CYCLE OF THIS INTERMEDIATE CYCLE.
It's always the strongest. We will break to new highs - above 1375 - next week.
This is not a daytrade. I'm going to close this position near to the end of August.
NO SHORTS. Only buying the dips.
Trade active: We have a tough week behind us. I will try to cover most of the markets on the weekend because next week we will have unique possibilities to ride especially in gold and hopefully in oil.
Next week I will be in Dubai and Abu Dhabi but will be watching all the market movements and will be posting.
Have a good weekend!
Comment: We have just broken the descending-wedge-flag consolidation.
The bull seems to be ready to really run.
snapshot
Here is the picture. Volume, closing price and oil data at 10:30 today are the keys. Oil data has potential to push DXY up.

snapshot
Reply
GDX - very probable Evening Doji Star or Abandoned Baby whatever you call it. If by the end of the day the gap is not closed and price moves below $30.68 - that would be a reversal.
Reply
pbartashevich PRO pbartashevich
Here is the picture:
snapshot

Let's watch volume and closing today and 10:30AM today's oil data. It can be positive for USD and negative for gold and oil.
Reply
pbartashevich PRO pbartashevich
Here is the picture:
snapshot

Reply
Monday final open interest:
Gold: 569,664 change +866
Silver: 221,987 change -1,356

Not a lot of new money coming in. Still squizing the rest of shorts by scaring them with weaker dollar.
Maybe today market is better.
Reply
pbartashevich PRO pbartashevich
Volume aren't that great either. I mean for a break out we have to have some excitement in people but nope it is calm. So watch out those job reports next three days they may trigger a significant pull back if they are good. There is no pressure behind this move up despite weak dollar.
Reply
Thanks Arpi. I look forward to your charts and updates, I am long a Canadian gold producer B2B Gold. (BTG nyse)..the gold shares seem to all be trending up together and ready to break out.
Reply
Friday final open interest:
Gold: 568,798 change +5,186
Silver: 223,343 change +434

Positive but could be bigger for the move in gold. If today we get negative open interest, I would say we should expect a pull back.
Reply
ArtFly pbartashevich
Could you publishe the info If today we get negative open interest....
Reply
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