Gold has recently had a nice recovery off the 1165 low and you would think after pushing through 1300 we would be looking for a pullback. Sure gold has hit this level, pushed to 1365 only to disappoint the typical stacker. However, the move here has been consistent and built up a nice bullish structure, which is much different then 2016 where the move was very quick to the upside.
Regardless gold may be setting up to break through the 1365 barrier that has been major resistance for bulls. If this happens, we can set our eyes back on 1450 and the beginning of a broader bullish move. There are numerous ways to trade this, with the traditional being a stacker! Nothing like getting another year to add some gold and silver to the coffers, by now the safety deposit box should be looking pretty!
As I mentioned to our followers, I stop stacking at certain levels, but there are still some trade opportunities in front of us. One way we like to trade gold is with our forex account which accepts cryptos, and the other is with miners. Now I have mentioned GDX in the past, but if the market starts to move, we may add a little GDXJ to the portfolio. However, regardless of how you trade gold, there is nothing bearish about this chart, and we are looking at the possibility of a swing trade long as a trade appears to be setting up nicely.
For those of you still stacking, I still like silver here as it is way undervalued to gold! If I am stacking physical it would be silver!
Polish up that pet rock because it is time for gold to go primetime! Yeah I bet Warren Buffet would rather own gold then Kraft Hines ;)
My EW Count is pretty close to yours.
Looks like a Primary Degree First Wave Leading Diagonal with a Fifth Wave Ending Diagonal.
The correction that could follow will be compounded by both the patterns. Regardless of this count my bias is bullish and yes I'm stacking up AG AU.
goldbug1
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@ShounakShetty, Thanks brother! appreciate the comment and chart!
Looks like a Primary Degree First Wave Leading Diagonal with a Fifth Wave Ending Diagonal.
The correction that could follow will be compounded by both the patterns. Regardless of this count my bias is bullish and yes I'm stacking up AG AU.