GOLD or XAUUSD is a safe LONG till about 1639
The Difference between the Max and the Min at Wedge A is (1351 - 1266) or approximately 85.
If you add this to B you will get 1346 + 85 or 1431. (B is the max top of Wedge A).
This takes us to Block C, where Gold began to range with the max top being around 1431/1451.
At Wedge D, the difference between the max at 1583 and the min at 1446 is 137.
If 137 is added to E, you would get 1685. (E is the max top of Wedge D).
I am saying that currently Point E is equivalent to Point B and we are about to enter a range, similar to block C, with a max around 1639/1685.
I have a long on gold from 1585 and I would look to close it at around 1639 to be safe.
If you add this to B you will get 1346 + 85 or 1431. (B is the max top of Wedge A).
This takes us to Block C, where Gold began to range with the max top being around 1431/1451.
At Wedge D, the difference between the max at 1583 and the min at 1446 is 137.
If 137 is added to E, you would get 1685. (E is the max top of Wedge D).
I am saying that currently Point E is equivalent to Point B and we are about to enter a range, similar to block C, with a max around 1639/1685.
I have a long on gold from 1585 and I would look to close it at around 1639 to be safe.
Trade closed manually:
These are the gold trades i took:
30jan bought gold at 1585.42 stake £20
04feb bought gold at 1553.85 stake £100
05feb modified the 04feb bet to take profit at 1639.00
05feb modified the 30jan bet to take profit at 1630.00
14feb closed the 04feb bet at 1582.42
16feb bought gold at 1581.50 stake £100
21feb took profit on the 30jan bet at 1639
21feb closed the 04feb at 1644.69
a total of 3 trades
prnt.sc/r6f7t7
30jan bought gold at 1585.42 stake £20
04feb bought gold at 1553.85 stake £100
05feb modified the 04feb bet to take profit at 1639.00
05feb modified the 30jan bet to take profit at 1630.00
14feb closed the 04feb bet at 1582.42
16feb bought gold at 1581.50 stake £100
21feb took profit on the 30jan bet at 1639
21feb closed the 04feb at 1644.69
a total of 3 trades
prnt.sc/r6f7t7
Comment:
Gold has peaked out (at 1685) as of the G20 Summit in Riyadh (23/24 Feb 2020). It will hold around 1645 until the next surge; which will be the long term target of 2000.
Comment:
The carnage in the Stock Indices has been historic but not a disaster. The reason for the drop in the price of Gold since Riyadh has been to cover margin calls between Hedge Funds (read that as banks); primarily between the 2 major Financial Centres of London and New York.
Gold will hold 1555 as support and will rise to 2000 as the wealthy now flock to it to preserve their wealth. There are also corresponding safe trades in SIlver that can be structured off the back of rising Gold.
Gold will hold 1555 as support and will rise to 2000 as the wealthy now flock to it to preserve their wealth. There are also corresponding safe trades in SIlver that can be structured off the back of rising Gold.