bhowe
Long

Gold Time is now

FX:XAUUSD   Gold Spot / U.S. Dollar
The timing on the GOLD chart XAUUSD is certainly right for a major reversal. Could happen any day, when it does, it will be very rewarding. JNUG and NUGT should really run higher.
Comment: Double top in the US Dollar could signal the beginning of the sell off that launches gold higher.

Comment: Double bottom in GOLD. Bounce off the trend line. The last cycle in the previous ICL's was about 44 days, we are currently at 44 days. The overall cycle length is right where it should be. Finally the parallel trend line would indicate its time. All this points to a reversal out of the ICL.

Comment: Here we go.......
Comment: Getting ready for the next move higher.......
Comment: GOLD XAUUSD breaking out of consolidation, starting out of an ICL
Comment: Trend line back test, on GDX, at the 61.8% fibo, should start moving higher soon.
Comment: This last washout should be the bottom, miners are holding up extremely well. I expect gold to recover quickly within the next few days.
Comment: H&S pattern forming on the US Dollar Daily?
Comment: US Dollar making one more charge before the fall. Watch the red lines, they should hold on a closing.
Comment: Bottom could be in for Gold. Looks to be making a move higher.
Comment:
Comment: GOLD looks to be making its move. Timing is right. Strong resistance at $1235. Needs to move past it.
Comment: Miners, GDX Double bottom?
Comment: Watching the US Dollar (dxy), which should be inverse to GOLD (xauusd). Support for the dollar is $94.98 a break below that would signal the ICL has begun and DXY will follow the chart below.

Comment: Gold (xauusd) moved higher overnight even with the dollar (dxy) also moving higher. Looks like we have a trend line break on gold and a consolidation inside a triangle. A move above 1216 will be big news for gold bugs. Could attract buyers.
Comment: Gold Projection

Comments

I think the big move is coming, breaking below $1210 or above $1238. I am still holing on to half of my DUST position. Keeping an eye on it. Thanks for the updates, good luck.
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The euro also has to find its bottom, this would then be dollars top. This could be anytime now. This would also be the golds bottom. With the golds future expiration date tomorrow then that could possibly be golds bottom. I think its safe to say to wait for the turn before entering but all three should turn roughly (within the same week) together. he dollar will also be starting to take positions for the upcoming FOMC in August.Great analysis and chart updates BTW.
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You are usually right about this, but I think we have a bit more to go down, maybe to low 1200s. But I definitely keep an eye on the GDX, NUGT and DUST would probably present good swings for possible trades.


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Nice chart, its so close to the bottom now. There is also bullish divergence on the miners on daily . I think those that were long are close to giving up their trades to the bank.
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