FX:XAUUSD   Gold Spot / U.S. Dollar
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Gold long term outlook continues to be bearish . The long term Heiken Ashi 3 month chart still shows no green candle and below the 7ma. The next bull phase and or a short term move up will most likely begin when the RSI moves back above 30 followed by a close above the 7ma. As you can see the long term bull phase began when the RSI broke above 30 in 2001. Currently the RSI is curving up so it’s possible that we could be bottoming around this level. With the 3 month Heiken Ashi setup if the RSI (3) stays below 30 price action is in a strong downtrend, above 70 it’s in strong uptrend. The weekly frame is currently showing a downward move and RSI below support #1.Also note that this latest down move began with a hidden negative divergence with price near the top of the band. Best guess is that price falls to bottom of band and or key support, from there a triple bottom maybe in place. Break of key support could see Gold fall further to about the $1000 level.
Still short?
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nmike DallasMav
quarterly frame is "currently" showing signs of a long term bottom, candle stick reversal pattern and positive divergence in progress
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short term, there was a reliable long entry set up on daily frame using the Fisher-Trix-34ma system
KEY SUPPORT watch....... bearish price action and bearish weekly candle so far this week, RSI currently below trend line which suggests that price will hit S1 near term
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Agree here, waiting as all the bankers load up on there shorts before they sell off the borrowed physical gold bullion
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WallStScalper QuantitativeExhaustion
Yep! Agree! With both of U nmike and JR. Little bounce here but bound to tank later in the year as a major wave 5 down.
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Bullish week for Gold.On the 3M frame candle is holding at trend line support and RSI rising.On weekly frame we have a green candle & a break of RSI resistance 1. Probability is a move to top of band near term.
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Can we get one more knock or bounce before a big drop end of year. This is the third year bag holders of the fund managers that have been holding gold/silver as a % of portfolio. End of this year could see a lot of selling, as managers have given up on this PM hedge idea.
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WallStScalper QuantitativeExhaustion
Fully agree JR!
WallStScalper QuantitativeExhaustion
We will see a 5th wave down ...only a matter of time untill the e wave is acknowledge as such in the major 4th wave pennant that gold is in.
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