MidasTouchConsulting
Long

Gold - Here is the perfect buying opportunity

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
The rally in the US-Dollar has been wreaking havoc on gold . Over the past two weeks, the metal has suffered one of its most devastating losses in 40 years. During the past 10 trading days, gold only had one single up day, with a total loss of more than 4%. Thursday’s decline was enough to also push it to a six-month low. Since end of January I have been warning to be patient and not to buy into gold´s strength around 1,350 USD. Instead I clearly and repeatedly stated that we should wait for a pullback within the ascending triangle towards the important uptrend line around 1,250 USD..

Now Gold is extremely oversold on its daily and weekly chart. Sentiment is touching extreme pessimistic levels and seasonality is about to change to the positive starting in early July. On top tonight´s CoT-report should very likely show that the commercials have covered a significant part of their shorts which would result in a contrarian and therefore bullish signal!

I don´t see much more downside for gold . Yesterday´s low at 1,246 USD has exactly touched the uptrend-line. Maybe it will take a couple more days until the bulls get the bounce started but prices below 1,240 USD remain very unlikely.

I think gold is a strong contrarian buy right here and now. We should at least get a strong bounce driven by a short squeeze in July which will take gold back towards 1,300 USD and its 200MA. If the ascending triangle formation indeed is in play, gold will continue to rally within the next three months (best seasonal cycle of the year) towards 1,365 USD.

I AM EXTREMELY BULLISH FOR GOLD AND RECOMMEND TO GO LONG
Comment: THE BOTTOM IS IN! This morning at 1,237.85 USD
Comment:
Gold is on track. The bottom is in... the summer rally has started
Comment: Gold´s ascending triangle is still in play... Weekly stochastic extremely oversold.. expect a summer rally back towards the horizontal resistance zone around 1,350 - 1,375 USD over the next two to three months at least

Comments

2-3 months until 1350-1375??? Yes bottom is in??
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@silberunze, It looks like the bottom is in.. not sure currently about 1350.. but at least 1250
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Now is 1211 .... my friends
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@AvisCheung, yes 1238 did not hold.. we are close to an important low.. either yesterday at 1211 already or in the next couple of days between 1205 and 1185
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Am I seeing a beautiful double bottom on ur D chart? I was expecting a quick rally to 1380, but u said 3 months...ok :) will be patience. Thanks for ur chart again. Am following u now, for always I think hahahah
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@BoaMichael, things need time and to be patient is one of the most important lessons in life... yes 2-3 months until 1350-1375
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Gold

I am Slightly Bearish.
We are in the strong downtrend for the past 3 weeks and I am expecting the danger of rebound is getting real.
If there is any rebound, it can travel up to 1269 to 1279 region.
If you want to short, wait at these levels (or) you can cautiously long toward these levels.
We use FOMC and it will impact on USD and gold.

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Sonic

Reply
Great chart!! Your call is just spot on. Looking forward to that 1420. End of year possible?
Reply
@BoaMichael, Thank you .. yes maybe.. let's see, first of all we need a bottom and a trend-change, then the breakout above 1,350/1,375.. if all this becomes reality 1,500-1,525 is the next real target.. until end of 2018 or 1st quarter 2019 ..
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