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Gold - Is dollar correcting or impulse not complete?I have another chart for DXY but want to also watch gold's higher TFs, as I trade lower TFs. If the dollar is starting an ABC correction, gold should see a bull so I want to watch these fib areas. If the dollar is not done, I'll trade accordingly. I currently have a 4hour harmonic short (see below) but we'll have to see how traders/market wish to start the year (China is a different story and one I know little of so being careful in US after hours. I also show fibs if gold turns bear and passes it's 1122 low to 1.618 (and the something strange 1.732) I'll expand the lower TF areas below. Again, not a trade, just areas I'm watching.
FX:XAUUSD
by AlphaDreams
Jnug to GoldDaily Chart I think that we possibly bottomed (for the short term) for Jnug on the 20th. That would be a little over 30 days to end another left translated cycle. I think we could possibly get close to retesting the $3.80 level before starting a little two week pop. Evan though this does not look like a big move on the chart, It is actually quite a bit. IF we were to move from $3.80 to $6 then obviously that's a significant percentage. However, the first big resistance is at approximately the $5.27ish range. As you can see, we gapped down through that level. So once we get there, I think it would be a good idea to look at buying volume to see if it is subsiding at that point, just like selling volume has been subsiding. I am going to wait to see how this moves on Friday and possibly buy in on Friday or the beginning of next week.
AMEX:JNUGLong
by SalN
1
DAILY GOLD *IF* WE HAVE ALREADY STARTED A RETRACEMENTAs usual, I like to post what I am thinking, seeing and want to know and remember while trading lower time-frames. Timing might be off, though we fell quite fast, but here are some fibs I'd be watching if it turns bull. It would have to breach 1150 to the North for me to consider bull. Also, the moving averages would have to agree on what ever time frame I'm trading. These days, 4h since I am busy during the day and need more time in between trades (having an 8 month old child will do wonders to your free time). Note, I am still holding shorts based on the same technicals here on daily but on the 4h time-frame along with some standard RSI.
FX:XAUUSD
by AlphaDreams
Easy Moving Average Trend Trading Setup2 Moving Averages, MA11 and MA31, close. Safe gains, stop loss at break even. It's not every penny you could make but it is a safe way I made a few bucks last week while testing new ways to spot check another system/method I am using. $52 worth of gold movements last week wasn't too bad for a system so simple. Enter/close when the two MA's cross. If they are too close, sit it out. You can add other indicators such as RSI methods too but just wants to focus on this alone in this test. Don't let this chart fool you, there were a few trades exited but for $1 movement losses; either stop loss at break-even or manually when it got "hairy". Good luck, have fun and trade safe.
FX:XAUUSD
by AlphaDreams
Jnug to Gold Italy Vote WeekendDaily Chart I think that that was a great sign on Friday, Jnug up strong even in the wake of multiple days of great economic data. We broke out of the wedge and should move up with the Italy vote. But I think we will only reach around the $8.90 range before a little pullback. Then up hard to the second oval. At the end of the week or over next weekend we might hear a ruling from the British Supreme court about there decision for the Brexit. There are some other significant events that will also be coinciding with the later part of the week into early next week. Should help move gold and Jnug up. The 50 DMA (BLUE) should meet my price target about that time. And we should peek just above it. Hopefully we have a good couple of weeks.
AMEX:JNUGLong
by SalN