Bull Crab. Short to complete, long the retrace. (15m)Wait for D to complete. Could be quick at that point the up to level of B. Overall, I'm short Silver but want some action so I'll trade this too.
NUGT
Silver. Waiting for patterns to completeTrading pullbacks off of the large decline from last week but here is what I am watching at a longer timeframe.
GOLD - Watching Patterns form, we'll see.Everything is in chart. Numbers are rough but close enough. Sharing ideas, not trades.
Gold Going Bull? Waiting on 5th Wave Completion (still).Everything is in the chart. Complete 5th wave, correction to fib level. Turn upward in support of new bull. If correction is lower than 1303, bull is invalid. This is an update with larger timeframe of the earlier chart. Much is the same.
The unfinished legs are for reference. The values of correction are close, the time will be off. The values of the next impulse wave is just for reference of overall direction.
Week's plan in Gold using EW and Fib (long then short then long)I have two plans (bull and bear) but trying to work them both out separately but comparing them to other instruments I'm watching (US Indexes and Oil) make one less likely at the moment.
If Gold is still bull long-term then this plan would be valid. We are finishing the last leg of the impulse wave (v) before it begins to correct. How low? No lower than the start somewhere around 1302 but here is where I'll be watching:
.382 at 1320
.618 at 1313
.786 at 1308
After this, again as long as everything here is valid, we'll see new highs making the 1400 and 1500 chasers very happy. I'm no perma-(bull/bear), I just trade what I see as it unfolds and try to keep a plan based on a bigger picture for the time it happens.
Good luck, let me know your thoughts.
GOLD IS ABOUT TO GO UP UNTIL 1360+XAUUSD is going to lift itself upward until 1360-1366 levels, after then it might correct back to 1275 levels but it's hard to predict such a long time.
GOLD'S BIGGER PICTURE ON DAILY CHARTOverall, I still see EW taking us lower. We are currently in an intermediate upward cycle from 1315-8 to 1327-9 before it takes us to new lows.
I'll post lower timeframe charts below as we have a bull run until back on track for bear.
BULL: now, 1315/18 to 1327ish.
BEAR: after that target reached or close, we'll head back south 1310, first part of wave 5 complete.
GOLD BULL CRAB COMPLETE SEEKING 1322, MAYBE 1331D is now complete. Entered trade with 1 lot, added 1 more at 1314.
TP 1 - 1322
TP 2 - 1331
TP 3 - 1344 (for @uadog)
GDXGDX is giving back a lot of the gains since the beginning of the year. I didn't expect such a big correction, but now that its happening I could see it going at least to 38.2% and maybe as much as 50% FIBO. The 50% retrace would put it close to the 200sma and return to the mean. This will be good for the long haul, but doesn't feel good if you are in miners. I'll be looking to go long at $22 for sure, maybe sooner.
Support levelsGold is at its lowest horizontal support, if there is another pullback I see gold touching my trend line around (1294-1292).
GOLD CRAB WAITING ON DWaiting to complete D. Once complete looking for 1326, over 1329 we'll continue higher. If it pushes lower past 1300 a run higher is invalid and I'll be looking for 1297.
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
NUGTNUGT and the other miners should move lower a few more days, then look for a bounce off the lower trend line at around $142.
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.
Bullish triangle pattern forming for gold $GLD $GDX $IAUBullish triangle pattern forming for gold $GLD $GDX $IAU
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.
XAUUSD GOLDWith GOLD pulling back, I am expecting a bounce of the lower trend line and a move higher. At lease to the upper trend line, could possibly break out.
Metals market bearish pullback Below 50% of previous monthly candle on XAGUSD will confirm downside ~ 19.70
GDX good shorting deal, minimum 40% via DUST
TARGETS and points of interest on chart
GOLD ShortGold hit top trend line and fib extension and now has put in bearish RSI divergence and been posting low volume. Expect a correction to the noted fib levels.
