$GC_F $GLD $GDX
Typical head and shoulders pattern breaking the neckline
This is a 3months H&S. Target 1180. Detailed commentary to follow.
Gold having a shs that - if activated - having a target of 1140,40. Strange to see that gold is hardly reacting all though market is very bullish today. Have to wait and let it show us the direction. As always... time will show. Safe trading gents! BM Music at work! www.youtube.com
as long 1280 holds as support and 1340 as resistance with neutral RSI and STOCH indicators there 'll be no big moves in #GOLD
Watch out for Mass Media euphoria! We are still under momentum Moving Averages at the Big Picture. Cheers!
Daily chart is showing that bears are exhausting as well. Price took a dip down in mid August after a bearish (50, 200) ABCD pattern completed. The retracement should stop at either 50, 61.8 or 78.6 fibonacci levels, forming a bigger ABCD pattern, which should take price right out of the triangle. Two leading indicators are giving a buy signal, while MACD is...
3 cycles in (haven't drawn the first three in but see the three arcs/sections) - so 3 out? 33% correction. Hmm. (Or 4, to the seventh, largest wave thing) I've drawn the big circle that big: add in gold futures, silver & silver futures. All over it's all quite nice corresponding measures. The Gold Shoulder: If it hasn't done so already ... There is obviously some...
Uptrend is solid, if the Daily/Weekly Candle for 9/8 or 9/9 can close above 1384, we should see a nice reversal to around 1415.
Today price action is showing that the gold up-trend started in July is not ended. Daily bar bounced from the up-sloping lower parallel and 20EMA (double support). I see another wave up from 1410 to the next resistance 1484.0 -1488.0 (also median line of the price projection). Commercial traders are reducing the shorts and funds seem fuelling the move up...
Possible bearish Gartley ahead. We are not there yet. If there is a deeper pullback or a longer trading range before we reach the Gartley completion level you should consider to wait for 1.272 extension to go short. But if price goes to completion fast it should work from there.
I am looking for gold to dip into 1345 but the short term should bounce around this target before a final drop into the Fed meeting.