📌 ridethepig | Gold for ECB
This leg is a demonstration of how and where an advance on the right break should be punished.
Buyers reclaiming $1.860 yesterday while the inauguration/coachella took place and now $1,875 for the European open is sending last minute ⚠️ signal of ECB preparations. The technical breach illustrates the lust to expand, the momentum...
📌 The lows in Gold are an elegant threat for another leg higher towards the highs; name wave 5 which is the one that we have been tracking since the previous diagram:
I love it when an idea comes together. We arrived at the destination for our retrace and have started to form a base....
📌 The struggle to claim 14,631 is notable. When studying the waves I came across similar a similar state of affairs in the earlier flows. The impulsive rally derives from its strong nature, not from itself but from much more the strategic concept of portfolio defence. A defensive move which is clearly crowded and starting to become a deer in the headlights could...
Bullish Momentum Overnight to thrust Gold upwards to the downard trend line. Worth noting tgat this downward trend line will only offer a mild resistance and the possibility remains for Gold to see all time highs once again in the near term should the trend be breahed.
📍 The outpost
After sellers shamefully abandoned their outpost at 1765 in June, whenever a gust of risk gains some traction, buyers are able to exploit and win the battle.
Let us start by looking at the original breakup.
The difference between a protection swing and a momentum play can be seen in the following examples:
Updating our previous post but so far it's shaking out just as we predicted.
Bullish Leg 1 = completed
Bearish Leg 2 = completed
Bullish Leg 3 = completed
Bearish Leg 4 = completed
Big Bullish Move Expected Leg 5
Here we can focus on the realms of reflationary risks that are around the corner, the struggle to shake out bulls is identical to the struggle we saw in 2016 which is reassuring, and for that reason our problem is reduced to a timing issue.
For those tracking the previous diagrams in Gold it is obvious in USD terms both on the Weekly and Daily.
Only valid for Chinese people. If you want to keep your wealth. You need physical gold. I don't understand the macro economy. I think the trade war is long-term and he will exacerbate the devaluation of the renminbi. If you are a Chinese compatriot. I hope you are lucky.
*** THIS IS NOT AN ADVICE, DO YOUR RESEARCH AND TRADE WITH YOUR OWN RESPONSIBILITY***
A perfect complex inverse H&S just broke out and confirmed bullish.
Gold continues to act as a safe haven, as 10y cycle alongside with scrutiny between big countries, we are seeing BTC going up followed by XAU breaking out upwards, the fundamentals and technicals are aligned....