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The 2003 to 2011 run-up of gold from ~$300 to ~$1850 retraced partially to a swing low in 2015 of around $1050 (wave (A)). After this, there has been some rather unconvincing bullish behaviour. I deleted my wave counts within the wave B triangle (to declutter) but they are 5,3,5 waves or "3s". Within the 5 sub-wave moves (in the 5, 3, 5 ...
GC1!/ XAUUSD /gold
1. Bearish Triple Top
2. Shooting Star
Gold is still a bubble. Bubbles that rise over 600% in 10 years don't deflate by simply going down 50%. Most bubbles of this nature deflate back to close to their original value. In this chart, I explain a lot of the fundamental factors that drove gold price higher, China's role in gold, and why a Chinese hard landing (if it occurs) will cause a new great ...
The long term bearish trend on 1W broke last week to neutral grounds (RSI = 47.647, MACD = -20.230, Highs/Lows = 12.0065) as the global stock markets pulled back and capital abandoned riskier assets towards Gold's safety. Technically 1D is a Channel Up (RSI = 65.112, MACD = 5.900, Highs/Lows = 22.9186, B/BP = 34.8019) but we can't assume yet that this uptrend is ...
This is a continued short from where I published the alert of the right shoulder of this massive Head and Shoulders pattern playing out. The H&S is actually sitting on top of a long rising trend line (orange) in the chart. As you can see, that trend line has been breached. Look for a slow grind to $102. Gold is being challenged as a store of value, by that other ...
After making a new Lower High on the 1D Channel Down (RSI = 42.763, MACD = -0.240, Highs/Lows = -4.5993, B/BP = -4.9820), XAUUSD is now aiming for a Lower Low just below our first TP = 1,180.50. There are probabilities that the 1D Channel Down will bounce to a new Lower High near 1,204, but with USDCNY testing the 6.9355 1D High and DXY crossing 96.00 again, the ...
Gold was falling for a long time without a good pullback.
Now we are in that very corrective move as metal rebounded strongly from the 1180 area.
C=A around the area of the earlier low (1237), this is how amazingly the simple geometry works.
Gold has sold off as the initial reaction after the FOMC meeting on Sept 26th. However right now is a very good spot for at least a bounce play imho. I'm sharing the chart of Gold priced in Yuan. It shows that gold has sold off all the way down to the LVN 8126, where previous sharp rebounds have happened. Assuming that USD/CNH has topped, then this is the best ...
GLD at important support level ?? maybe...
XAUUSD continued the sideways trade last week on the 1D Rectangle (RSI = 48.914, CCI = -7.0876, Highs/Lows = 0.0000) with a 1,212.48 High and a 1,187.83 Low. Despite all the bearish news reports for the USD last week, the DXY managed to find support on 4H around 94.40 and rebounded to 95.00 again. USDCNY remains on a Channel Up, both very bearish parameters for ...
Gold play on Fibretracement. Expecting drop to lower level based on high CCI. Alert for $1.50 range.
Note here for self. Comment if you like.
Short at top of Wedge. Many shorts covered yesterday.
NFP news out in 50 hours. 830am NY Friday
Take profit at bottom of wedge or tighten stop.
Consider closing trade before NFP.
With the potential for some USD weakness, Gold's weekly chart is showing signs of strength. Following a breaking just over a year ago (Aug-2017), we saw a consolidation which was followed by a rebound in the third week of Dec 2017. Over the last 7 to 8 weeks we have seen another consolidation taking place with a potential double bottom off the daily chart.
Gold failed to close the third quarter above 1200
Support has now become resistance
Short at the top of the descending Andrews fork 1192
Stop above previous spike high 1197
Take profit at previous spike low 1160
XAUUSD is trading near the lower break out point of the 1D Rectangle but with RSI = 42.108, Highs/Lows = -5.22664, MACD = 2.460 already bearish, we can state with a certain degree of certainty that the consolidation action of the previous two weeks are nullified. 4H is developing a standard Channel Down (MACD = -3.050, Highs/Lows = -0.3750, B/BP = -3.3640) with ...
Euro selling into the LVN on the first opening night after FOMC. Gold bulls would like to see a big rejection here and a stop run tomorrow to set a bang in gold.
The 1,187.83 - 1,214 1D Rectangle's Resistance worked again as a rejection point and Gold reached 1,192 on one single 4H candle (STOCHRSI = 0.984, Highs/Lows = -4.7528, B/BP = -9.5420). Equally sharply, it rebounded on a 1H Harami Bullish candle, indicating the strong support presence at 1,187.80 - 1,192.00. With DXY expected to hold the 93.70 1D Support and ...
Gold drops below the triangular consolidation.
Target 1123 (just above earlier low)
Stop 1212 (just above wave E)
Entry 1196 (current)