Get started
Gold Futures
Long

Heavens gonna happen now

By JAY_c5velm
Updated
Top should happen end this week or beginning next one (monday - tuesday)
That would mean futures arnu 1880-1890, with DXY (dollar index) 102-103 points.

After that a correction for a bullish continuation. Bull is here to stay and could probably see again the hights of previous years this spring.

So.. GDXJ around 41$-42$ also.
GDX around 33$ too by the end of this week.

Heavens on fire ( The Radio Dept.)

youtube.com/watch?v=kmjyZXYxkEw

Enjoy this band, as I do.




Trade active
Correction that i was expecting at a higher level is happening now (most probably). Small one. Overall buliish.
GDXJ could fall again to 33$-34$
Gold could fill the "ficticuious" gap in futures. That is what happens most of the time (not always). 50 $ down from todays level, next week

snapshot
Trade active
But prudence is any case, as gold still can reach the 1890 $ by the end of the year and avoid such a fall. MIners are begining a down leg, while gold still has not. Means they could all reverse and move up, fall.
Weekly is bullish. Main trend is bullish.
Trade active
And as miners are getting oversold in the indicators, while MA are in bullish...well I am still bullish. Means gold can rush to the the final target 1890$ by end of the year. But situation is a bit tricky.
And from my view, at this stage, holding a long position has no much risk. Even if it could fall next week (with gold) I dont see a great fall from here, as I see a large potential to the upside.
So lets play the game.
Trade active
Miners today confirmed a new leg up, means new highs for gold and mines in coming days. Move limited to gold (i think). Means, once gold reached that target, I dont expect the leg to go more up. So a short in time and quite intense move up is what I expect, with GDXJ target around 41$
Trade active
no changes....Bull...unless you want to bet againts 98% of probabilities.
That how things are for me.
Trade active
If gold ends around these levels, even 40$ up or down from today, it will generate a bullish monthly confirmation (for my system).
That means at least, to test the 20XX this year. But not direct move. Gols is going to fast. I expect a correction once 1880 or so with DXY at 102 points.
That is the level where i think there is a lot of resistance and wont be broken at first touch.
Trade active
snapshot
Trade active
Mid February at the latest. But could reach 1870-1880 in the beginning of the year and then corrrect.
Trade active
There is a mini gap in futures from today at the open and this is a real one. Has nothing to do with rolling contracts...

snapshot

If it is not filled now (maybe overnight) if will be a target from a fall after gold ends this move up (that could be end this one or beginning the next)..
Trade active
A top most probably in the next three days (monday included) I expect a rush in the miners from today till friday. If that is the case i will exit then my longs and short afterwards.
Trade active
Part of war....
1) Gold in the limit, as it has been for the past days. An extreme move that could extend even to Mid February (happened before) or could continue going down in a correction that could extend a few weeks....
2) MIners..testing support (after crossoing it) and rejecting up. In a move still small that could extend more in price and also time to the end of the month.
Now..place your bets..
I am still bullish. Lets see tomorrow what the market brings.
Note
And.....future gap has been filled.
Note
I think a top is around the corner, could be beginnig next week. MIners also rinsing to impostant level of resistance...so time to is step by step selling longs... and having fun.
Trade closed: target reached
Another idea shorting follows this one.
cg1!GoldTrend AnalysisXAUUSD
JAY_c5velm

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.