US30/DOW H4: 10% upside remains / buy shallow dips(NEW)Why get subbed to to me on Tradingview?
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US30/DOW H4: 10% upside remains / buy shallow dips(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: US30/DOW H4 chart overview and outlook
::: chart looks good / more upside likely
::: accumulation in progress right now
::: previously coming from strong base
::: repeating same pattern now
::: TP bulls is 28 500 / 28 750 points
::: recommended strategy: BUY dips TP 28 500
::: overall US stock market pretty resilient
::: until we hit 28 500+ there will be no
::: correction. just BUY dips and make money.
::: good luck traders
🔸 Supply/Demand Zones
::: N/A
::: N/A
🔸 Other noteworthy technicals/fundies
::: TD9/Combo update: N/A
::: Sentiment mid-term: BULLS
::: Sentiment outlook short-term: BULLS
GLD
GLD soon to go into a modest correction, based on cycle analysisThe chart shows cycle analysis on GLD. The bottom shows the repeating cycle lengths, which are very consistent in GLD and gold futures. You can see the support area, which we labeled as a buy zone. Based on momentum indicators and the structure of cycle patterns, in multiple time frames, it is expect that the price of gold will continue the uptrend.
Gold Breakout above $1800 is SignificantI have always viewed this $1800 price level in #gold as more significant than the $1910 blowoff top 2011. $1800 was the multi-month, triple tested resistance level that precipitated the 6-yr base. If it holds, the breakout above this level is secular and very bullish imo. $GLD
Major bull flag in PlatinumPlatinum is breaking out of a 5-6 week bull flag after tagging its 50 day moving average and reversing from major structure. Precious metals seem to be breaking out in general, but I particularly like the pattern in platinum. I am long all three (gold, silver and platinum).
Gold (GC) new all time highs on the horizon?!?Gold futures are grinding their way back towards all time highs of 1923 on the monthly chart! A break over that level would be bullish longer term!
Gold U say "AHHHH" Bullish cup and handle. But its cup that took 10 yrs so does that mean bull in 10+ yrs?????
Gold Ascending Triangle, Watch For Break ConfirmationGold appears to be forming an ascending wedge but wait for a confirmation before going bearish. Infact, watch RSI for a guide in direction, depending on Macro news you can expect the unexpected these days (coronavirus), for example the DOW just went up out of a descending triangle today, go figure (a bearish pattern with bullish outbreak).
Gold - Buy/Sell pointsNow that Gold is breaking out, all focus goes to the 4hr chart.
I'm trading E-micro Gold futures ($/MGC), 2 contracts at a time.
Strategy is to hold 1/2 position all the way up to $1,880 target.
Day/Swing trade 1/2 position on the way up.
I'll update my markers where I buy and sell moving forward.
Links below show where I started building position.
Stay Black.
Gold/Silver Ratio Is FlaggingWhen the gold/silver ratio is high, gold is relatively more expensive than silver, by historical standards. Some people use this ratio to trade between the metals.
For a very long-term investor, the trade works like this: when the ratio is high, buy silver, and wait for the ratio to revert towards its mean. Then, sell the silver and buy gold at a better relative price and wait for the ratio to rise.
Using this oscillation you can accumulate precious metal using nothing but the mean reversion between the two metals.
Now, that said, the 19th century average gold/silver ratio, I believe, is around 47. By those standards, the ratio is extremely high right now. On the other hand, the rise has occurred in a very steady long-term rising trend channel that began during the Great Financial Crisis.
Long-term chart:
It seems to spend ages along one side of the channel before moving to the other and inhabiting that region for quite some time.
The question I cannot answer is: will the historical mean be revisited any time soon, or is the inflated ratio somehow a byproduct of unprecedented central bank intervention?
That said, I will add a couple of comments regarding the short-term picture. During the crash the ratio mooned, breaking out of the channel for the first time in geologic eons, and has since worked its way back in. The process of reentry looks to be taking the form of easily identifiable flagging, and that last flag looks to be breaking.
How would one trade this, if they were so inclined? I if they thought we were heading to the lower bound of the channel, one would buy silver now, and then if we find the bottom of that channel, perhaps swap it for gold, since the channel is gradually rising. That's just a guess. We live in unprecedented times and these assets might become quite volatile in the coming weeks and months.
If one believes we will ever revisit the ratio's very long-term mean in the 40s, they would only hold silver until it does. I have no idea if that will happen.
Gold Sets Second Highest Monthly Closing Price On RecordGold closed this month at $1,798/oz which makes June 2020 the second highest monthly closing price on record. The all-time highest monthly closing price on record was set at $1,831/oz in August 2011. July could easily break the all-time monthly closing high if current upward momentum holds. The June and May price candles both closed yellow which indicates that there is bullish momentum volatility occurring in price, which tend to be upward continuation signals. Short-term support to watch on any pullback are S1 and S2. S1 is near $1,600/oz and just below where price recently broke out into bullish momentum volatility yellow candles. S2 is a little lower down near $1,400/oz and is the last support level at which gold would remain in a bullish trend. Below there would likely lead to a period of consolidation or potentially further declines in price. The bullish move from here would be a continued push higher in July and for a new all-time high in the monthly closing price to be made.
The Relative Strength Index(RSI) shows the green RSI line trending above the purple signal line, and both lines are trending up which indicates bullish momentum behind price. In general both lines trending above 50 is considered bullish price momentum while both lines trending below the 50 level is considered bearish price momentum.
The Price Percent Oscillator(PPO) shows the green PPO line trending above the purple signal line which indicates that there is bullish momentum behind price. During an uptrend you want to see both the green and purple line rising above the 0 level as a bullish momentum indication. Both lines trending down below the 0 level indicates bearish momentum behind price.
The Average Directional Movement Index(ADX) show the green trend line above the purple trendline which indicates that there is a short-term bullish trend behind price. The histogram in the background is green and rising which indicates that the trend behind price is increasing in strength. In general, during an uptrend in price you want to see the ADX showing the green line above the purple line and a rising green histogram in the background.
The overall view on gold remains bullish due to economic uncertainty surrounding the lockdown aftermath as well as the likelihood that central banks will continue to print their way out of a global slowdown. Year-end target remains a new all-time high above $2,000/oz.
$GLD Breakout Picks Up Steam as All-time Highs Come Into ViewGLD has been on our bull list for the past year because gold bull markets are generally robust when they are thematically well-supported (by negative real interest rates and currency debasement) and underappreciated in terms of CFTC data in gold futures.
Both of those factors continue to line up well. So, we continue to be fans.
GoldGold priced in Aussie Dollar, Yen, and Euro all well above their respective 2011 or 2013 highs.
With all the "dismantling" of the US dollar talk - a weak dollar would certainly aid Gold's move to new all-time highs.
For the past 2.5 years, we've seen a strong dollar and strong precious metals market. USD rolling over, could be the boost this space needs..
Gold Sets Fourth Highest Weekly CloseGold closed at $1,780.3/oz this week which is the fourth highest weekly closing price in history. The highest weekly closing price was $1,876/oz set in August 2011 and the second highest weekly close was $1,788/oz set in November of 2011. The third highest weekly close was $1,780.8/oz in October 2012 which is jut .50c above where gold closed this week.
If gold holds above $1,773/oz through the end of this month then June 2020 will mark the second highest monthly closing price in history, with the all-time monthly high being set back in August 2011 at $1,831/oz.
Outlook on gold remains bullish with the expectation that price makes a new all-time high this year above $1,923/oz which was set in September 2011.
An Update on GoldI am not presently in a gold trade, but I am watching it out of interest, to see if its price falls when the markets do (as I expect them to), just as it did in February and March. My hypothesis is that the economy is attempting to deflate at the end of a very long credit cycle, and that that process was arrested by Fed intervention.
What I see on the charts is a rising wedge that has a classic overthrow. It is making subsequent higher highs in price while making lower highs on the RSI. This is a continuation of the same pattern I identified a couple of weeks ago. The same setup remains in play.
This does not mean that it cannot go up further from here in the short term, but it does mean that I expect it to correct, perhaps somewhat significantly, in the intermediate term.
Of course, we may enter a period of significant inflation in the future, and I would expect gold to soar at that time.
$GLD in markup phase (Wyckoff analysis)$GLD daily chart showing its markup phase after a multi-year accumulation.
Tight SLV play around Fib RangeSilver trapped in a range for Options with Straddles, Strangles and IC or BWB plays over next few days.
A breakout or drop will happen with inverse correlation with SPY. If XAUUSD breaks to new highs (1790?) then see XAGUSD and SLV lag by a few days/hours as well...
💰 Gold Gettting Close To The Highs. (GLD)💰 LET'S GET INTO SOME GOLD ANALYSIS!💰
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🐮 Bullish
- Weekly Chart
- Green Engulfing Candle
- 3/3 EMA DOTS Green
As of now we are still bullish based off the current indicators status. We need to keep in mind though that we are reaching the top of the expanding channel Resistance levels which is now testing a Resistance level currently. Next you notice we aren't to far away from the next highs of a horizontal Resistance level from previous all time highs range of Resistance. If the old Resistance levels do hold strong eno5i do believe we will get a pullback down to the lower support of the current channel. Gold I do not look as a short term trading plan but more as a long term investment. I'd play the weekly and up on gold. I will be interested in it once we hit the highs and start to shift red on the indicators for a pullback. As of now it has had an amazing push up and congrats to you all that played gold for this time period of the uptrend after that long range of accumulation! 😁👍❤
Best of luck to you and all of your trades this week! 🤜
Drop your charts and comments down below, share with us what you think is going on in the markets! ❤❤❤
Thanks for checking out our analysis! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
