*WE'VE ACCIDENTALLY BEEN PUBLISHING PRIVATE IDEAS*
The fundamentals for Gold is looking bullish, and our trade we made back in the beginning of February has performed well using our first draft of the FriendlyTrend Signal. Our initial 5x contract entry at 1221 is not at an above-breakeven stop loss, and the spike up w/ a close allowed for a 4x contract entry with...
Gold stalled today and ended the day just above the BB Midpoint. Today's hammer is a bullish candlestick so while price is still under the 6 and 8 day MAs and the stoch RSI is moving down, I want to see confirmation on Monday as to the direction of Gold's next move.
Also note that the hammer shows rejection of the range below as shown on this chart:...
I've been refining my charts since my last post. Here's the new chart layout:
Red Bollinger Band with standard 2.0 STD and 20 day midline.
8 period MA - yellow line - *new
6 period MA - purple cross - *new
Closing Price pushed out 5 days - *new
On Tuesday, Gold closed at the 8 day MA, having cracked the 6 day MA. Then on Wednesday, Gold broke...
The Gold uptrend train is experiencing some pressure. Running into resistance (old support), a double top cluster, and now a channel break. I think the high quality trades would be to trade this downward channel. All eyes on the dollar for some insight/clues.
Running into the red line of resistance, which was old support, has caused gold to take a pause forming these double top clusters. Prices have sneaked back down to the lower trend channel line which I view as a shot to take a long. Time will tell if it holds.
Gold: a picture perfect uptrend. Breaking it down on a micro view it's semi caught by this red line which is old support. I'd look to buy dips, in particular near the lower channel lines. We'll have to wait and see if this area is able to turn the uptrend into a rounding type top.
Based on previous posts, all of which have hit their targets, harmonic analysis uncovers yet another trend. This one, although unthinkably optimistic, still needs to be discussed.
Should prior prior support at 1223, end of April and May, be breached. AND, minor peak at 1236 in November be exceeded, then upward momentum could bring bulls to 1282.5.
Jan 17 16:00 AEDT
Detail is within the chart.
I prefer the Upper sell zone around $1220 so the strategy would
Short x 1 1215-1212
Short x 3 1222-1218
Then when it falls
Short x 1 1215 -1212 again
Stop 1226 ... Ouch!
TP#1 Buy 3 x 1200-1205
TP#2 Buy 2 x 1180-1185
Remember you are all adults. Do your own analysis
Fib within a Fib. Major pattern engulfing minor pattern. Both bullish.
Minor exceeded 50% extension and now in play to challenge and complete major pattern. If price action continues bullish, expect to hit 50% extension of the major pattern. This rally could bring GCG17 to around 1214.