Update on the previous long idea - not a new long idea. It's too late to go long here as we can top out anywhere from today to the next 5 days.
The top will occur in the next 5 days ( the latest date for the top is the 16th March ) . As we are clearly in a range between 1308 - 1361,45 gold should peek out at the tag or marginal breakout of 1361. I don't suggest to buy this breakout because it will be a false breakout and gold will be heading to sub 1300 again....
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I’ve set a stop below yesterday’s low.
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It seems we are not going to tag the top of the range. I’m afraid smartmoney will get rid of their gold positions when stocks start to really rally. Especially if the dollar rallies.
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We stopped out a month ago but yesterday we got the false rally i was waiting for in this idea. I still think the range will break down first before we break out to the upside.
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Sorry this is the correct picture of the range with the false breakout:
I totally agree with your longer term picture and it aligns with what I am targeting - I'm after a the breakout above $1,377 but it may take a few waves to get there. My goal is to be long at ever upside move so that I remain long when the resistance at $1,377 finally breaks. This is my strategy to exploit the bullish triangle forming on the weekly charts.
I don't expect this wave to challenge beyond $1,341 but its a good strategy to be long and keep being long in my opinion.
TropicalPhil
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I was travelling for 3 months took a break from crypto. glad to see you're still here providing great analysis.. Cheers man.
imfor2014
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Ok guyz, we did it! Following throlls like BjornPfaff (like, like ,like click LIKE to his post again now right now) with your like to his posts. Now we haven't informations and updates of ideas from chartwatchers. You WIN! What's next ? ....... I believe Apri will find mercy and return to us with his analysis for all of us , even for throlls!
BjornPfaff
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Short is the best choice
imfor2014
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@BjornPfaff, timeframe ? Week , year or hundred years ? Some day gold ounce will be equivalent of trillion $ and after that - short to zero. As you didn't specify time period, i can pressume any period , so let it be Week. Let me see, mar 13 and now mar 23 - incompetent wannabe trader BjornPfaff was wrong!
goldbug778
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Retest the highs for the 5th time? I have never seen anything like this before with #gold..
Lilie-Lily
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ill wait between 1336-1334 to buy the pullback. we will repair the high again (136X) and i will decide either short to 1300 or hold long to 1375.
mkandy
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Hi Arpi,
What's your view on Gold?
AhmedKhattab
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Thanks, Arpi
please don't depart for a long time, as your thoughts inspire us :D
bhsencer
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When do you think is good time to buy physical gold? now or near future ... Thx
I don't expect this wave to challenge beyond $1,341 but its a good strategy to be long and keep being long in my opinion.