#003-2.6 GOLD SEARCHING FOR A BOTTOM
These are just thoughts off the top of my head:
1) If silver is stronger than gold (and IT IS RELATIVELY SPEAKING), and silver has not bottomed, then gold PROBABLY HASN'T EITHER.
2) EW counts are still missing a wave 5 of C in both gold and silver.
3) US equities are entering a zone of weakness for several weeks, and historically speaking, gold tends to tank during these periods too.
4) My general read of Gold Discussion is that bulls are a bit over eager, has a tendency to precede a washout.
5) Would I be surprised to see 1775 in a couple of days? No, not really.
6) I WOULD BE SURPRISED IF WE DON'T RETEST 1690 AFTER THAT.
I want to post some cool charts soon, but busy AF! So If you are reading this without the 10 or so charts after this comment, come back in a few days and check this out again.
1) If silver is stronger than gold (and IT IS RELATIVELY SPEAKING), and silver has not bottomed, then gold PROBABLY HASN'T EITHER.
2) EW counts are still missing a wave 5 of C in both gold and silver.
3) US equities are entering a zone of weakness for several weeks, and historically speaking, gold tends to tank during these periods too.
4) My general read of Gold Discussion is that bulls are a bit over eager, has a tendency to precede a washout.
5) Would I be surprised to see 1775 in a couple of days? No, not really.
6) I WOULD BE SURPRISED IF WE DON'T RETEST 1690 AFTER THAT.
I want to post some cool charts soon, but busy AF! So If you are reading this without the 10 or so charts after this comment, come back in a few days and check this out again.
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1) 2008-2009 VS 2020-2021
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Is it really this easy??
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1978 vs 2021
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Note: Look at the way the move resolved in 1978, the same way as it did in 2008. (Again, the point is the pattern, not the bar size).
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(previous chart was 4-day vs 12-day)
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BTW: Gonna take a little break from posting and be back before 4/12. FWIW, silver is where the action is going to be if you ARE NOT USING LEVERAGE.
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THURSDAY, 03.25.21, 9.58 AM ET
ENTRY SHORT XAUUSD 1738.83
SL 1750
TARGET 1677
TP 1686.83
ENTRY SHORT XAUUSD 1738.83
SL 1750
TARGET 1677
TP 1686.83
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10.01 AM ... I feel pretty good about this short, having waited to the right time. In the past 7 days: nailed the silver short, spx short, and bitcoin short. I do realize that there are gold buyers forcing this tight range in price, but the opposite is also true.
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NOTE: I SOMETIMES POST THINGS IN SOME IDEAS THAT REALLY BELONG IN OTHER IDEAS. SO FOR MORE CONTEXT, GO HERE ABD SCROLL TO ALMOST THE END.
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11.27 AN NEW SL 1738.5
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Just dont want to deal with another spike.
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12:29 PM ET, NEW SL 1734.5.
REALLY?
YES, REALLY. GOLD IS BEING ANNOYING I CAN SEE ANOTHER ANNOYING MOVE.
REALLY?
YES, REALLY. GOLD IS BEING ANNOYING I CAN SEE ANOTHER ANNOYING MOVE.
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NEW SL 1733.4
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That was 4.30 PM
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4.48 PM ET COVER 1728
S9 +10.83, .63% NO MORE VALUE HERE
S9 +10.83, .63% NO MORE VALUE HERE
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FTR NOTES
GOLD SHORT IN 003-2.4 1732/1729.32, +2.68,+.15%
SO,
001-0 LONG 1859.60 CLOSE 1822, -2.022%
002-5 SHORT 1798.16 CLOSE 1680, +6.571%
002-7, 003-2.5 COMBINED SHORTS CLOSE, +8.4%
003-2.4, 003-2.6 COMBINED SHOR= .63+.15 = 0.+78%
GOLD SHORT IN 003-2.4 1732/1729.32, +2.68,+.15%
SO,
001-0 LONG 1859.60 CLOSE 1822, -2.022%
002-5 SHORT 1798.16 CLOSE 1680, +6.571%
002-7, 003-2.5 COMBINED SHORTS CLOSE, +8.4%
003-2.4, 003-2.6 COMBINED SHOR= .63+.15 = 0.+78%
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10:45 AM ET 03/30
A buddy asked me why I covered early last Thursday even though PIRL indicator still showed bearishness.
1. Its BEEN bearish for A WHILE. For whatever reason, every time it tried to sell off before 03/26, buying would show up in BOTH SPOT AND FUTURES.
2. Since I write these things VERY PART TIME wanted to record another gold win in FTR (For The Record). Didnt want to mess it up bc Im not watching hourly (ahem did someone say bitcoin?).
3. We are getting very close to the turn, in about 10 trading days or less (by Tues 4/13). The focus at this point (1686 as of writing) is on building longs. In fact, I,ve already done prework for silver.
A buddy asked me why I covered early last Thursday even though PIRL indicator still showed bearishness.
1. Its BEEN bearish for A WHILE. For whatever reason, every time it tried to sell off before 03/26, buying would show up in BOTH SPOT AND FUTURES.
2. Since I write these things VERY PART TIME wanted to record another gold win in FTR (For The Record). Didnt want to mess it up bc Im not watching hourly (ahem did someone say bitcoin?).
3. We are getting very close to the turn, in about 10 trading days or less (by Tues 4/13). The focus at this point (1686 as of writing) is on building longs. In fact, I,ve already done prework for silver.
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NOTE: I WISH I HAD ENOUGH TIME TO DO CHARTS EVERY 2 DAYS FOR MOST MARKETS. I DO NOT. HENCE, BETWEEN NOW AND 9/10, MY FOCUS WILL BE GOLD AND SILVER, OR ACTUALLY SILVER AND GOLD (SILVER IS GONNA GO NUTS).
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03/30 1:10 PM ET.
TRIED TO POST UPDATE BUT TD HAS OBJECTS ERROR. (IT'S NOT BC OF TOO MANY OBJECTS, BC IT WON'T DO IT EVEN IF THERE'S 3 OBJECTS??)
FIRST & FOREMOST, HAS THIS PROCESS PROVIDED VALUE LAST 40 DAYS? WELL, JUDGE FOR YOURSELF:
GOLD 02/22:
www.tradingview.com/...D-IN-DANGER-FUTURES/
GOLD 02/24:
GOLD 03/12:
www.tradingview.com/...021-BOTTOM-MAYBE-IN/
GOLD 03/16:
GOLD 03/19:
SILVER 02/25:
www.tradingview.com/...ER-MOMENTUM-ZOOM-IN/
SILVER 03/16:
SILVER 03/19:
SECOND, I AM HAVING PROBLEMS W/ ES & BITCOIN.
This is because of the settings being used are specifically geared for GOLD & SILVER. I am not doing all the prework necessary. Going forward, I will focus primarily on gold and silver. I simply do not have time to do other things. If I do projections in other markets again. I'll make sure it's thorough before I post it.
THIRD, HERE IS FIRST LOOK AT SILVER PREWORK FOR RALLY TO SEPTEMBER 10TH:
FOURTH, HERE IS BOTTOMING PROCESS FOR GOLD:
TRIED TO POST UPDATE BUT TD HAS OBJECTS ERROR. (IT'S NOT BC OF TOO MANY OBJECTS, BC IT WON'T DO IT EVEN IF THERE'S 3 OBJECTS??)
FIRST & FOREMOST, HAS THIS PROCESS PROVIDED VALUE LAST 40 DAYS? WELL, JUDGE FOR YOURSELF:
GOLD 02/22:
www.tradingview.com/...D-IN-DANGER-FUTURES/
GOLD 02/24:
GOLD 03/12:
www.tradingview.com/...021-BOTTOM-MAYBE-IN/
GOLD 03/16:
GOLD 03/19:
SILVER 02/25:
www.tradingview.com/...ER-MOMENTUM-ZOOM-IN/
SILVER 03/16:
SILVER 03/19:
SECOND, I AM HAVING PROBLEMS W/ ES & BITCOIN.
This is because of the settings being used are specifically geared for GOLD & SILVER. I am not doing all the prework necessary. Going forward, I will focus primarily on gold and silver. I simply do not have time to do other things. If I do projections in other markets again. I'll make sure it's thorough before I post it.
THIRD, HERE IS FIRST LOOK AT SILVER PREWORK FOR RALLY TO SEPTEMBER 10TH:
FOURTH, HERE IS BOTTOMING PROCESS FOR GOLD:
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