Long Gold, if close at or above 1272
SL below today´s lows
Speculating on double bottom here and end of larger corrective move
Gold corrected for 3 month (feb - apr) in terms of time but only gave back gains of 1 month (jan), indicates corrective move and bullish bias
Gap in GDX got closed
Monthly looks like a...
Following the rally in late 2017 Gold has been in a sideways consolidation between 1300 on the downside and 1360 on the upside for the last four months.
Weekly Bollinger Bands coming together suggesting a more dynamic move is in the future.
I view this consolidation after last years rally as a bullish continuation pattern.
RSI is getting oversold and Gold is...
Daily RSI divergence during the low.
Funny enough the low seems to have occurred again during full moon on march 1.
CoT looks better now, compared to december last year. Even more, if I`m not missing something, then this is the first time since march 2003 that large specs are net short.
A close above the 10ema (16,51) today would be another positive sign for...
Silver is back at multi month support levels.
CoT looks encouraging and much better then in gold. It probably improved further since tuesday.
It is that time of the year where the precious metals sector has in the past repeatedly found important lows.
The correction in Gold can still go further, so this might be a bit early.
Nevertheless, i expect silver to...
I still think Gold has unfinished business on the downside.
This sideways / slightly upside movement feels reminiscent of 2016.
In 2016 Gold bottomed after its first decline on October 7th, and toped on November 9th.
This year it bottomed on October 6th, and the bounce has thus far toped on October 16th.
I´m watching price action closely over the next few days...
I don´t think there is a sector that is more hated than uranium. Everything looks very bleak. This is a true contrarian bet.
I`m using Cameco as a proxy for the uranium market.
As you can see in the chart, this might be the first time in the last 5 years that the uranium market is going to make a higher yearly low.
The entry provides a great R/R as one can set...
There has been a repeating pattern over the last few years in Gold.
When China is on vacation for its Golden Week National Holiday Gold is under pressure, once China is back Gold rebounds.
China will be back next week.
So far we have a nice bounce of the support zone around 1268.
Daily RSI Divergence.
Old Trendline support if still valid.
On Friday Gold reached the area between 1353-1357.
There we have a major confluence of three trendlines.
(1) Rising Wedge trendline
(2) Potential trendline of parallel channel
(3) Old trendline dating back to august 2013
There is no doubt sentiment has gotten very bullish, especially with the run in early asia trading friday morning.
CoT is indicating, that...
Waiting for a pullback to 1231-1232 (max. 1237) to short Gold.
There are the 200 daily and 200 weekly moving averages.
I think there is a high probability that Gold will test the uptrend line at around 1170-1180 over the next 3-4 weeks.
FOMC meeting end of July (25-26) may mark the bottom.
SL: 1238 at the current downtrend line.
Nice candle today if gains hold. First minor downtrend broken. Oversold on larger timeframes (daily, weekly, even monthly)
COT bullish -> MM / Large Specs short, Commercials long
Wait for current extreme to cool down ~ +5% and look for long entry. SL below the lows.
Indicators on larger (weekly, monthly) timeframes are very much elevated and overbought.
CoT levels continue to be extreme with Commercials record short and Large Specs record long.
An accident waiting to happen imo.
I`m looking to enter short in the next couple of days.
Watch out for the prospective plantings report on March 31, this may be the trigger....
Cocoa +4,22% today and close above 2000
CoT very bullish -> Commercials are Net Long
It looks like a double bottom is forming.
I already got a starter position.
Planning to add on possible pullback around 1970-1990.
1. Intermediate Targets 2125 and 2245
2. Main Target is the area around 2400 with the 38,2% fibo