Upside pressure against 3 resistances (400w ema, trendline, Yearly Pivot).
Difficult to position either way.
If Gold closes above 1240 in weekly, it could be out of the woods.
If Gold does not manage to break higher after this test, it may be in for a proper dive.. 1000 being the next target and 820 the "max" target.
Comments
jangseohee
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limited upside if the descending triangle is bearish continuation, but unlimited downside
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YaKa
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I FORGOT TO MENTION:
WHAT IS RATHER CLEAR IS THE TIMING.
SOMETHING IS IMMINENT - I WOULD SAY 3 WEEKS MAX BEFORE IT MOVES EITHER WAY.
IvanLabrie
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An ATR buffer for a stop sell or buy with Demark trendlines would cut it I guess, what do you think? How do you feel about silver?
YaKa
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what are demark trendlines... this guy really try to put his name on everything.. What is it?
YaKa
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any strategy makes sense.. stop, sell stop, buy stop, watch:)
YaKa
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SILVER - Same story than gold i guess.
In the last few years it has tended to move earlier than gold.. good to monitor then.
IvanLabrie
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I have a bullish Silver chart, expected it to catch up with the xauusd/xagusd ratio being off.
YaKa
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The long siver/ short gold trade has been a Macro theme for a while.. did not work so far... It did very well in 2010/2011... it will come back though... it is a long term trade but watch the orthogonal risk.
IvanLabrie
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Haven't bought any paper silver, and don't think I will...physical is a bit more tempting.
DEEP2DEEP
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In my view upside is limited till $1240-45 maximum and then we will see new lower lows for first two quarter of the year 2015. It may take 3rd and 4th Q to recover from bottom and starting of upward wave :)
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