FX:XAUUSD   Gold Spot / U.S. Dollar
Came up with very interesting pattern

We are in I -> J move
Trade active
Trade active
Trade active: Despite price moving down today, trade is still active. Correction was expected.

Upward move stopped at 0.7 fibo, vigorous move through the EMA indicates more upward pressure in the near future.
Trade active
Trade active
Trade active: UK elections will take place on June 8th while
FOMC meeting will take place on 13-14th June.

Expect price of XAUUSD move down around these dates.
Trade active
Trade active: From my perception interest rates will not go up next month.
That will be another reason for XAUUSD to move down.
Trade active
Comment: If I'm wrong and FED will increase interest rates next moenth then my analysis based on fractals may be doomed.

"June rate rise odds jump to 94% after Fed meeting"
https://www.ft.com/content/79ccad48-5d65-35ff-9eb1-9b1680a1f870
Trade active: Price reached 1278$/oz!

I will close my longs today!

Next week UK have snap elections, have a good weekend everyone!
Comment: Very interesting chart representing "Gold bull market 1970s vs. 2000s
Some patterns are preserved in both cycles, according to this plot we have ~2 years before gold will reach new peak.

http://www.zerohedge.com/news/2017-06-02/sell-economic-ignorance-buy-gold
Trade active
Comment: Seems like my plot is not valid anymore!

Please watch FX Empire:
https://www.youtube.com/watch?v=Sr_N6FirDI0
Comment: Seems like it could be false outbreak.

There is still a chance for XAUUSD to move down.
Trade active: Elliott's waves still in game, false outbreak confirmed.

FOMC meeting takes place next week and may cause XAU to move down even more!
Trade active
Trade active: Can't believe this plot is still active, it's already 1 month as I posted it.

Price action of XAUSUD is completley illogical for me!
I would expect gold to move up since interest rates have been hiked.

Gold follows a pattern, which means there are computers and algorithms trading and making profits.

Let's wait another few weeks and find out is my plot going to be still active.
Trade active
Comment: Timing may be a bit skewed.
As we are in J -> A it seems line line should be a bit more horizontal.
Except of that my plot is still active.
Trade active
Trade active
Comment: Closed my all shorts

Related Ideas

So You think it is only bounce and we will go down again?
+1 Reply
@rafalo, I hope so :)
Reply
interesting chart. what's your reasoning for the cycle low around 1170ish.
+1 Reply
Simon_says sweetcheese
@sweetcheese, I think market is very strongly manipulated with use of high-frequency trading algorithms and incredible amount of virtual money e.g. http://www.zerohedge.com/news/2017-06-26/gold-crashes-someone-dumps-2-billion-fat-finger-blamed It happened just few weeks ago and there was no reason for the price of gold to move down, it may happen again in the future.
Reply
Simon,

Fantastic job!

Are you long or short right now? I guess short according to your chart?
+1 Reply
Simon_says coolingla
@coolingla, Awaiting for a signal to open shorts.
+1 Reply
JosephValencia Simon_says
@Simon_says, A bit confused here. You said that your plot is not valid anymore, but you also say that you are awaiting signal to open shorts? May I ask what is that signal? TIA
+1 Reply
Simon_says JosephValencia
@JosephValencia, Please have a look at the dates:
on 5th I said 'awaiting for a signal" on 6th "plot is not valid".
Reply
gaptraderhq Simon_says
@Simon_says, Simon... I'm guessing you are Short on Gold? How come at the Top of the page it says you are Long???
+1 Reply
Simon_says gaptraderhq
@gaptraderhq, Please have a look at the date I posted this plot, almost a month ago.
'Long' trade was active since 15th May, now you have to follow what is on the picture.
Once I set up description on the plot, I cannot change it.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out