I have been using this channel since October 24 to help analyze whether or not to add to my longs, or if we would drop to my second trend-line. Based on the help we received from Clinton today, and the fact that we closed over 1275, I believe the lowest we will see next week is 1268/69 (this is based on my trend-line, and ticking up). I do not believe we will close below 1270 all week, and I think 1290 is a realistic target. (this is of course unless the Fed decides to raise interest rates in November, which I think is highly improbable). I also do not foresee us dropping down towards the second trend-line unless NFP is very strong (which I also believe will not happen).
I believe Bulls will have the momentum for the upcoming weak based on how this week ended (close over 1275), and I feel that the Fed and the NFP report will help solidify their grasp on the week.
With that being said, we were able to hold onto the gains that were gifted to us on Friday by Hillary, which is a very positive sign (had this been a false bull we would have quickly lost those gains today). I believe we will progressive nicely along my channel, and potentially see 1284 tomorrow. RSI on the daily is almost vertical!
If you mess with the bull you get the horns..
That's right, I said it. 1300 this week.
If gold drops at all, it will drop to test 1284 a bounce strongly off that level (as I said multiple times in the gold chatroom).
Tighten your seatbelts.
The $10 "drop" we saw after Aunt Yellen babbled the same nonsense she's been babbling all year shouldn't concern bulls. This was simply a retail sell off since they got the jitters holding near the top. If the big boys sold today, this would have caught on to a $30 down swing.
$1320 is my target for this week.