Although close above top of the box and just above trend line suggest bulls are back, Gold needs to close above 1826 to get confirmation and see sustained move on upside. It can start by closing above 1814 first. Support & resistance levels as marked.
Forecast: Addressing market sentiment regarding Gold backed ETF's, COMEX and BONDs etc. Daily chart analysis, looking at the Gold price from a broader perspective. Fib, 0.618 @ ~1848 is a potential target in May before a deeper correction. About Gold Next Week # A weekly 3-10-minute forecast video on Gold's price action on a weekly basis. I'll follow up with...
Sometimes I just get lucky. I was waiting for a buying opportunity in gold and Yellen gave it to me this morning when she stated "rates may have to rise to keep the economy from overheating". Gold then plunged over $25 dollars after breaching the shorter term high.
Going to next target 1805. A close above 1814 would be quite bullish for Gold.
Forecast: The bullish counter trend Zig Zag pattern might finalize the C-wave this week and reverse to the downside. If it is only a narrow correction or beginning of a new bearish down trend, I can't say, yet. The fib, extension levels 1,27, 141 have been taken out. If bulls have the upper hand they might push price action to 1,618 @ ~1805 before price action...
Forecast: Price action is a bit stuck and out of favor. Downside target's @ ~1725, ~1716 or ~1707. Upside target's - retest of last weeks high @ ~1757. If bull's get the upper hand and momentum pick's up, look for target @ ~1785ish. As always, keep eye on Bond selling. Trade safe, be well... I'll keep you posted. About Gold Next Week # A weekly 3-10-minute...
Gold needs to close above 1747 to see upside targets as marked. Holding trend line support is crucial otherwise can fall lot more down.
Forecast: If price action follows up on the Truncation/Double bottom pattern, then we can expect a countertrend ABC / Zigzag pattern. B-wave, pull back target's between ~1712 or ~1699. Final bullish C-wave, target's @ ~1776 or ~1787. If price action picks up bearish sentiment and breaks low of ~1678, then target's to look for @ ~1662 or ~1655. I'll keep you...
Forecast: Price action is consolidating. Possible complex ABC pattern in the making. If volume is strong this week, UPSIDE target's @ ~1744,1745,1748. DOWNSIDE Target's @ ~1716, ~1714 or ~1710. I'll keep you posted. Trade safe, e well. About Gold Next Week # A weekly 3-10-minute forecast video on Gold's price action on a weekly basis. I'll follow up with charts...
Forecast: If momentum is strong this week, target's ~1762 and ~1785 before correction, but if price action develops truncation @ ~1755 and reverses, target's @ ~1714 - 1709ish. About Gold Next Week # A weekly 3-10-minute forecast video on Gold's price action on a weekly basis. I'll follow up with charts throughout the week as price action develops patterns and...
Forecast: A possible Bullish Ending Diagonal completion this week. Which means price action can drop a bit lower before bulls take over and push price higher. But, if bond selling continues then gold will drop also. Have that in mind. I'll update throughout the week as always. Trade safe. About Gold Next Week # A weekly 3-10-minute forecast video on Gold price...
Gold is a great buy here. It could go as low as 1650 but should be accumulated. We are about to run much higher
Looking to short above 1950 Tp1 : 1480 Tp2: 1315
Aside from a possible bull flag and the completion of 2 corrective measured moves down, the 13 EMA is about to attempt to cross over the 48 again on the daily. The first real attempt at a cross during this correction was in NOV, which popped but ultimately failed. I've found that the 1st attempt often fails and the 2nd or 3rd attempts often succeed. Good luck!
We had a sell off but fail on Monday before a strong rally $70 higher. Ranging yesterday. Where are we going to today? Today is #NFP and recently we have much of a sell on good news. Could today be that reversal day? Based on my system, lots of support below, 1835.42-36.66 (my blue bias zone) and 1828.26-65. Bias towards the upside, targeting 1848.490, 50.43,...
Gold is a short here targeting $1820