If the recent parallel channel holds, given the PA of 2017 monthly, the price has only one way to go: UP for the decade, on the other hand if this is a monthly consolidation, the price will drop out below 1100 and 1000 giving us 940, 850 and ultimately 700s. 2017 through 2023 the most logical path is indicated but anything can happen. January 2017 through June 2017 are to be watched closely. Drop for the channel is possible and is most probable (if occurs) in June/July 2017, otherwise it keeps in the indicated box.
I stay long from 1125 with SL at breakeven and a short from 1187 with another long at 1188 (net bull) as per the recent developments.
Another possibility is that price on monthly is making a cup after the highs from 1900s.
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Short was closed at BE in the last week of January, 2017. I was initiated on 10th January 2017. Net long
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If Feburary 2017 lows were touched on the first day of the month, there is a strong possiblity that the next multiweek low will be 1203-1198 region.
Feburary end of month candle will shed more light to the current monthly trend.
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Half of the month is over (Feb 2017), monthly lows still not touched again( the current price 1225). 1219 seems to be the level below in the short term, below that 1211 is weekly 34sma. While monthly 34sma is at 1260. End of month candle will give further insight. I stay net long since December 15, 2016.
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Correction in above comment:
Weekly 34sma=1260 Monthly 34sma=1211
Apologies for the mixup.
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Same as was the case in Feburary (comment posted a month go above) , if lows of the month of March 2017 were also touched on the very first day, price might carve its way higher very soon in real time.
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bicktash
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Half of the month is over (Feb 2017), monthly lows still not touch, current price 1225). 1219 seems to be the level below in the short term, below that 1211 is weekly 34sma. End of month candle will give further insight. I stay net long since December 15, 2016.
Hi biktash! Very interesting chart, thanks for sharing!
It explains the recent bounce of gold from different point of view as long term support is there.
bicktash
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@aibek, Hi, thanks. Glad to know the chart is useful for you. If you want the detailed points on weekly time-frame for intraday trades especially please take a look into this chart, it has much more detail:
I will soon be publishing a bar chart of the same as well.
aibek
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@bicktash, you are generous! Thanks again for sharing! I think there should be some correction before we resume higher.