There was a final push at the end of Friday's large decline that kept killing my scalps for gold to go back up. Bad for the scalps but it did push it down enough to validate, in my calculation, the final leg of the bat formation. Now, I'm looking to retrace to the Fibo .382 mark with a target of 1352.
This is my first bat and retrace trade to post so I'm only...
We didn't break the upper trendline and came down to break through the smaller TF lower trendline to find more buyers. Indexes continue to drop so we'll watch where gold finds ground to push from. Either 1370 or if it needs more buyers and better timing (the end of the week maybe with new economic press) we'll hit 1350 before higher targets.
I waited for some type of direction tonight but nothing. We'll see how rates reports have an affect if any in the morning. Typhoon in China kept volume low.
I'm waiting to higher or lower entries in either direction. It needs to move down to gain strength to push higher rather than weak movements. Buyers need to feel they have a true opportunity and with the US...
Will be watching $NUGT tomorrow, approaching previous resistance & whole dollar resistance, so I will watch for it to spike into that $170 area then fail for the short. I'll be keeping my stop loosely above the 170's to give the trade some room to workout, but has upside to watch out for if it breaks above that resistance.
XAUUSD / GOLD bounced off the trendline support and resumes climb upwards to 1400+ . Expecting pullback at 1400 to 1375ish, eventual move to 1450 within the year
GOLD, keeps touching that lower trend line (blue dotted line). 50% Fibo number. As long as we don't get a real break, this has to be bullish. DCL is due any day, so this could be right timing wise. I bought NUGT this morning.
NUGT selling off Today, already at a 50% fib number. I suspect this could be the bottom. BUT, if we get a drop to the gap fill I'll be a buyer. $127.22 I believe is the fill. I'll put a limit in for $128. Good chance to make 30%. I suspect we have a few more days of sideways to lower trading, so it could fill. Need a few days to totally reset the RSI.
Gold in bullish pennant. News of no rate hike will drive price. Yellen won't move due to brexit and global slowdown fears. SPY becoming over extended. Gains will come out of retail and flock back to safe haven assets as the recent rally corrects.
COT report still showing a large number of shorts that were only added to after Brexit. Hedges? Or smart orders looking for the bottom before overbought markets correct. There's a lot of market profits to be pulled and after US election conventions we could see a big change helping to fuel metal's new bull path.
I closed larger shorts at 1327 to now scalp to see if this was the bottom and we go up or we continue down to 1320, 1308, 1300...
Trading with minis until confirmation
Bulkowski's Inverted Scallop in sight on Daily.
Has Trendline Resistance at around 1325-1327
EMA20 on daily at 1325 may provide necessary bounce.
A: 1305.38
B: 1375.92
(B - A) x 61% = Height of Impulse
B + Height of Impulse = Target Price.
($1375.92 - $1305.38) X 61% = $42.82
1375.92 + 42.82 = 1418.74
