Well although we touched 1277-1276 and bounced up, this is not a very promising bounce.
Good things are:
EU is heading higher today, means that even though Gold is lagging to follow, means it will follow up in few.
We broke Tendency level 1287 upwards, so even after a pullback the tendency should be up ( although at 1288 stronger level was located so it may invalidate tendency level / just maybe / )
1276 is a gate level! I mentioned that level while ago, as I did not like how it broke down that day giving this level as a target! At some point by some rules, I trashed it, but I said I keep it in mind all the way - and here it comes!
For a healthy bull environment, we should not mess with it! Meaning that if this was the target Gold was willing to reach, it should touch it and go, no matter fast or slow, but Go.
What it can do is, break it and shoot up - which is not good because even if we go up 1322-1348-1357-1378-1400-1500 doesn't matter, we come back to reach the target given by the break of 1276 gate level! EDIT - have no idea why I wrote " is not good " am I a GoldBug? I guess so, otherwise, I would say ' Which is good because then we will sell up there "
Or we break it and go down to the target, which is possible if it breaks by 1$ I'm out of Long!
In this condition, the first move after open is very sensitive!
I would raise both hands for a first move down to 1276 creating a double bottom.
This is the only scenario that can prove the bull is there.
Another scenario goes up to 1284, breaking 1282 and don't come back! Although that would be considered as a first move up, and if after doing the first move up it comes back down breaks back 1282 and then tests 1276, I give little to no chance of 1276 holding in this case!
These are two best to have scenarios to prove that 1276 is the bottom for now.
Anyway, it is the price that Comex say's it is, so nobody gives a fifth of a half-eaten $@%#%#% about these first moves and 1276. Now Sleep Tight!
Take Care.
Good things are:
EU is heading higher today, means that even though Gold is lagging to follow, means it will follow up in few.
We broke Tendency level 1287 upwards, so even after a pullback the tendency should be up ( although at 1288 stronger level was located so it may invalidate tendency level / just maybe / )
1276 is a gate level! I mentioned that level while ago, as I did not like how it broke down that day giving this level as a target! At some point by some rules, I trashed it, but I said I keep it in mind all the way - and here it comes!
For a healthy bull environment, we should not mess with it! Meaning that if this was the target Gold was willing to reach, it should touch it and go, no matter fast or slow, but Go.
What it can do is, break it and shoot up - which is not good because even if we go up 1322-1348-1357-1378-1400-1500 doesn't matter, we come back to reach the target given by the break of 1276 gate level! EDIT - have no idea why I wrote " is not good " am I a GoldBug? I guess so, otherwise, I would say ' Which is good because then we will sell up there "
Or we break it and go down to the target, which is possible if it breaks by 1$ I'm out of Long!
In this condition, the first move after open is very sensitive!
I would raise both hands for a first move down to 1276 creating a double bottom.
This is the only scenario that can prove the bull is there.
Another scenario goes up to 1284, breaking 1282 and don't come back! Although that would be considered as a first move up, and if after doing the first move up it comes back down breaks back 1282 and then tests 1276, I give little to no chance of 1276 holding in this case!
These are two best to have scenarios to prove that 1276 is the bottom for now.
Anyway, it is the price that Comex say's it is, so nobody gives a fifth of a half-eaten $@%#%#% about these first moves and 1276. Now Sleep Tight!
Take Care.
Trade active:
Long Entry at 1277.03
Keeping in mind extended level 1274 I prefer SL on this at 1273.2
That being said, GL and have a great weekend in advance!
Keeping in mind extended level 1274 I prefer SL on this at 1273.2
That being said, GL and have a great weekend in advance!
Comment:
What is 1274 extended level?
Whenever there are Gate levels, at some point Gold likes to break them and go opposite direction without reaching the gate level break - target.
On the other hand, breaks are blocked by sub pivots! Sub Pivot is 1274.3
In this case, 1276 break will give a target 1254 that I already mentioned, but the trick is to know will gold break 1276 and go straight away down, or it will break it and go opposite direction. That being said SL below 1274 at 1273.2 is what I prefer!
Whenever there are Gate levels, at some point Gold likes to break them and go opposite direction without reaching the gate level break - target.
On the other hand, breaks are blocked by sub pivots! Sub Pivot is 1274.3
In this case, 1276 break will give a target 1254 that I already mentioned, but the trick is to know will gold break 1276 and go straight away down, or it will break it and go opposite direction. That being said SL below 1274 at 1273.2 is what I prefer!
Comment:
So far seems that Gold is making the first move down! If So I would love to see stop around 79.3 ( or double bottom ) and then go up to 1284
Comment:
Music.
A buddy on TV asked me to do a remix on Pumped up Kicks.
I must admit that Remixing music is not my environment. I am not very good at remixing or dj'ing. I am good at producing music from scratch, creating notes and putting them together.
But I gave it a try!
I used Chords with Low filter for Bass
VOX at -113 with minimal offset.
And throughout the track, 100% authentic synth work with. This is where I am really Good! Usually, there is 1 out of gazillion artists that can make 100% authentic synth work, so for that kudos to me, lol
It is really short, bcoz I am really not a remix guy!
Take it for what it's worth!
youtu.be/PKHoxSO7Q1Q
A buddy on TV asked me to do a remix on Pumped up Kicks.
I must admit that Remixing music is not my environment. I am not very good at remixing or dj'ing. I am good at producing music from scratch, creating notes and putting them together.
But I gave it a try!
I used Chords with Low filter for Bass
VOX at -113 with minimal offset.
And throughout the track, 100% authentic synth work with. This is where I am really Good! Usually, there is 1 out of gazillion artists that can make 100% authentic synth work, so for that kudos to me, lol
It is really short, bcoz I am really not a remix guy!
Take it for what it's worth!
youtu.be/PKHoxSO7Q1Q
Some nonsense stuff anyway. lol
youtu.be/gQ5LjFujnaE