BEI
Long

Probable XAUUSD bounce of the year

FX:XAUUSD   Gold Spot / U.S. Dollar
964 29 4
1450-1500 : upper trendline of trending channel
update for metals https://www.tradingview.com/loading/
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thanks, all of price action(GDX, GLD, SLV etc) are touched the trending line, the miner stock bounce significantly, I am worry it is a trap.
will see what happen next week. have a nice weekend.
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BEI YenZa
Yes i got into the bounce on NUGT today, but sold at close because like you said might be a trap, and as it did since a week, if gold does not rally with it no way continues to go higher. Same compared to SPY i got worried of potential correction because gold prices were not confirming the reversal, i think that is why we got a rally, that and other factors like VIX still below 14, have a nice week end to, cheers!
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new picture one hour ago
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BEI YenZa
you were right all this time, bounce off trendline next option. This is perfect case of: anything can happen....after that i will have to re-evaluate.
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sorry, i did not find your picture first.
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the price has broken the R3, How do you think next possibility?To push price down to 1200? or here is a bottom line?
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taking some more time and downside but i still like it
snapshot
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taking some time but result seems to be the same, reaction is not as good as i thought for a 1400-1500 move but if market continues to sell you never know what could be the effect on gold.
snapshot
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I think only GDX and gold break down 24 and 1300, the downtrend can be determined, current situation is really tricky, still possible elliote wave 2 is in place. especially sliver shown very clear bottom chart and start rally. I am on sideline right now.
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