DUST
GOLD CRAB NOT YET COMPLETE; TONIGHT?I, as many, were waiting for lower numbers to be reached with gold. I am bad at closing when full targets not met so I'm posting this to keep me on point while gold may retrace before completing. The funny thing is that I'm expecting a retrace after, of course, when the pattern does complete.
So, I'll check my math since it's always a bit off here in TV but close.
Red FIBO numbers are for the intermediate retrace, if it happens.
Blue is the full retrace after pattern complete if not proven invalid with a deeper gold price.
GDX in daily channel... but will it stay there?GDX Beautiful upward channel on the daily.
If touches bottom of the channel and bounces, GO LONG.
If it breaches the bottom of the channel:
- WAIT for channel bottom retest and then GO SHORT or
- Gamble on correction momo and GO SHORT
PTs are based on height of channel, nearest price gaps and fibs
XAUUSD Support LevelsJanet Yellen is set to speak this week Friday, market will be anticipating a rate hike for September. Her words will play a big factor on the direction of gold. Support level (1334), (1330), (1322), (1311), (1300). But I expect a delay in rate hike in Yellen speech. Very bullish on GOLD, look to set new high this year.
KEEPING AN EYE ON GOLD THROUGH THE END OF YEAR AND NEW YEARIs gold going to range before getting to a larger channel or break much lower before it climbs. This shows a short-term trade I'm currently in but it's mainly so I can keep a bigger picture view moving through the next few months through elections and the end of the year, start of new year.
Gold's bearish moves back to the bottom of channel. We didn't break the upper trendline and came down to break through the smaller TF lower trendline to find more buyers. Indexes continue to drop so we'll watch where gold finds ground to push from. Either 1370 or if it needs more buyers and better timing (the end of the week maybe with new economic press) we'll hit 1350 before higher targets.
GOLD STUCK SIDEWAYS WHILE WE WAIT FOR A DIRECTIONI waited for some type of direction tonight but nothing. We'll see how rates reports have an affect if any in the morning. Typhoon in China kept volume low.
I'm waiting to higher or lower entries in either direction. It needs to move down to gain strength to push higher rather than weak movements. Buyers need to feel they have a true opportunity and with the US indexes doing so well, it's hard for them this week to yet make the transition. US indexes are running out of earnings. Oil too by week's end will play a role so we'll see.