You never get this chance again. The bull setup before FOMC. However it's advisable to take position on Wednesday Comex section. The Bear and Bull wave are moving in same direction next week. They should diverged between 1345-1357 area. Trade safe ..! We have three more trading days before FOMC release and that should be NO change in rate hike :)
We should see price below 1302 next week and I placed a buy order @ 1302 to secure a position trade in bull momentum. Exited 3 of 4 short positions @1309 from 1352(1of2),1333,1322. Currently running one 1352 positions targeting 1180 this should be covered around 1302 next week :)
It's Big day today...! Here is the direction of the day
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We are now 24$ up from last dip. another 10$ more which is around 1274 is the key resistance for wave 4 :)
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Resistance 1..! let's see whether it break or not
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Stick to previous pattern ABC no Triangle here :(. Let's dive. New Week, New Strategies
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Shall we get better than this? I doubt.. ! :)
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Volatile gold is good. We found nice spike on Friday and sell OFF. We still not reached COMEX close 1273, which invalidate 5 wave count. So I expect the C wave is not yet finished and expected to finish the target of 1286. It's good to long on Market opening..!
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itSkushSharma
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All depends on if Feds raises Rates or not on Sept 21. If feds raise interest rates, Dollar will have value short term, Gold will do a pullback because of market sell off in the mining sector. But raising rates will hurt corporate earnings; thus we will see substantial market sell off. This would create a domino effect, hurting the chances of Hillary becoming a president. If feds don't raise rates then we have at least 2 month of Gold bull run, since the next fed meet is in December. I think the Feds won't raise rates before election. Right now the chances of rate hikes is at 11% and December is now 44%. Next week we might see some side ways action possibly lower around 1308-1305. But after Yellen Speech of no hike, I expect a surge upwards in Gold price, and gains in mining sectors. But again safer to listen to Yellen Speech and then take position accordingly. (My) Fundamental analysis and (your) Technical analysis go hand in hand.
VRShaiju
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By the end of Dec we get another rate hike. If they don't do the authenticity of fed will be in question and that should make a feel that America slipping in another big recession. Yellen has no more choice. She has to do it with out affecting the market :)
WhiskeyDeltaBravo
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I don' think they will raise rates. They can't do it. The economy isn't strong enough to support it. Instead we will see more exotic QE4 after the election (definitely not before).
AlphaDreams
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Nice work! We'll see how the week starts...
eskgroup
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Them damn GAPs :)) Agreed, but will remain cautious 1266s/84s
VRShaiju
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:) that's a real GAP. It's good that you join in the room. Your presents enlighten me a trend change like last year ... :)
any way the break dive more will not stop at 1266-84
eskgroup
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Thanks bro! Just posted a monthly chart. Take a look at the MA20?
eskgroup
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sorry for the dirty chart...:(
VRShaiju
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That's not dirty.. :) Usually PA should back test the previous swing low, when it touch @MA20. In that sense a double bottom in focus ;). Smart young traders are in the market. They are addicted to news and dreaming about another millionaire. This chart is their night mare