Parabolic rise for this month. Looking For 1285$ for the end of the month.
Shark Bearish at 1281$ / Retracement 0.618 from 1433 (2013 august top) to 1046$.
1162$ support.
Comments
pixi
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I have not taken the time to say thank you, so thank you all for your support
Loii
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i agree but i think we need a big retracement to 1130 first
Finenance
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Impressive Pixi if a little scary! The next cup/handle idea has been superceded then! I'm medium term bull on gold (for most of 2016 at least) so logically we have to take out the last high of 1191 soon. I'd love to see it rocket up to 1285, but in many ways would prefer a higher low first to give a clear base.
GL all - VR and Eskgroup - I'm liking your charts and chats too. Maybe one day I will be able to draw a decent chart but meantime I can appreciate yours and stick with my macro view of 2016 being the year of safe haven investing.
VRShaiju
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Thanks buddy
eskgroup
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Thank you bud!
eskgroup
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I am with Pix on this VR (as I don't trust Comex data as much specially on TradingView's feeds). If Break above 1198/1201 will paint 1230s/1275s...as equities/market will most likely try to convince Fed to NOT hike in March! 1201s have major SMAs meeting and will be difficult to cross. I hope I'm wrong, macro-view is :bear: but the higher we go the lower smart money will push this "safe heaven" asset :peace: By they way since when C takes A out and continues...o_O Never knew that...maybe I'm wrong...I will be looking for short opportunities on the levels indicated on the chart. VR I take note of the spinner closed on Daily in Comex and will be keeping a close eye to it...I was expecting a much longer wick on Weekly since employment data. Market sentiment worried that Captain Granny will move again in March (sentiment shoot from below 20% to over 42% hike in March - thus the drop in equities) and Monthly looks like it wants to paint another equal body Green candle before it collapses...I remain Bullish and looking to add on dips for now till Break below 1161s.
On another note: Iran (Russian source - obviously not reliable but never know) announced they will be selling their Oil contracts in Euro! Last time someone tried to do that we know what happened; War doesn't necessarily boost Gold - keeping that in mind as well! I am looking forward to a $250+ drop however...hehe
China injecting cash into their market isn't helping either. In addition, Oil is putting further pressure...Equities on a weekly major Outer TL so is USD - thus my view of 1201s might be a critical point of return....
- Have a great weekend guys see you Monday!
VRShaiju
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Your chart looks amazing. Your inner trendline has broken which means gold is bullish. I have seen that my bear channel has broken last week. Technically there is further upside. Market is not depending on Fed anyway. It has independent personality. We all know that USD is bullish which affect stocks. I am less concern about global slowdown. What if USD decided to fall? Does it improve global economy? If USD started to fall the other pairs should go in bullish mode. When the pair get improved global economy get worst at this conditions. So I have faith in King Dollar. My idea will be invalid when We take out the previous high. Not a problem We can play high here if the previous high taken out. If it do so One thing is confirmed that we are in Bullish trend and gold found a temporary bottom. This is much easier for every gold trader. Gold will be the easier commodity to trade. Let's make Million by bulling Gold :)
VRShaiju
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I Written in Bad English. Sorry @Esk Use it as encrypted code :)
eskgroup
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I hear you man!! :)
VRShaiju
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Nice one Pixi. Please note that we have 20MA monthly line passing through 1180 area. at the same time We have a lovely break on bearish long term channel :)