The US dollar index has been rising "parabollically" over the last few days, to use on of Skol's favourite words.I Expect a pull back for the index which will relieve the downward pressure on gold and oil.
The US dollar index has been rising "parabollically" over the last few days, to use on of Skol's favourite words.I Expect a pull back for the index which will relieve the downward pressure on gold and oil.
Unfortunately.. the charted bull market cycle is under threat...A dead bull calf is statistically classed as a rare event..It hasn't happened yet...but I take the view anything can happen as it's not a perfect world...
The bad news is the multitude of sell signals generated these last 3 weeks (not to be ignored) + the symmetrical triangle pattern break..
The good part of the bad news news is this triangle pattern is a more unreliable chart pattern than most...however if the triangle break is true to its words then the trading price target is 1280 - [(1382 - 1187) x 0.48] = 1187 which is the previous bottom of the last bear cycle... so an eye is now cast to the more important bull/bear line at 1240....This is the defining resistance area...above that line is the bull market cycle territory...below it sadly, is back to the bear cycle...
Disc: stopped accumulating junior gold explorers/miners...in a wait and see mode
Thanks Hoop. I see pretty good support around $1248 & then obviously $1180ish. Gold has looked pretty sick a couple of times only to rebound very sharply & I don't see it much different this time around, particularly as we are heading straight into physical demand season.
Hopefully you find my posts helpful, but in no way should they be construed as advice. Make your own decision.
Just Got my new trading platform up and running today using "Trade Direct 365"
And have been enjoying myself Trading Gold this arvo/night made $400 late arvo,,,,buying off 1254 support sold before 1257 was reached .....sat back waited till it made it's way back down got back on board for a quick $100 ....now just to make Skols day I took a short from the higher part of the trading range (working in 1min T/A wise).....
from following Gold very closely (minute trading) 1254 is support 1257-8 resistance .....overall pretty sideways trading *which is fine for me tonight)
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
Last week's ECB reduction in interest rate has now been absorbed by the currency markets. Buy low, sell high.
I'm anticipating a turn this week in EUR/USD, USD Index and accordingly (tonight?) also the price of gold. If it does bounce off a level around 1250usd (higher than June's 1243usd) then that would be bullish.
If I'm wrong, and it drops lower then I'll be drowning my sorrows.
Discl: Have purchased more OGC today. It looks oversold IMO.
To foretell the future, one must first unlock the secrets of the past.
Yes I got a feeling this sideways trading is going close higher tonight ....and for that reason brought out my short took the $60 profit (just didn't seem right) $560 not bad for 5-6 hours work ....decided to take up a Silver long cost me 19.06 tight stops in place hope to wake up to 19.20+
starting to see how the committed traders can make some serious money trading the metals / oil etc
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
Interesting JB. What are the spreads like on gold & silver?
Also what is the leverage? How much are you putting down say to trade an ounce of gold for instance?
Hopefully you find my posts helpful, but in no way should they be construed as advice. Make your own decision.
Gold touched the bottom of the wedge last night $1248 & bounced about $7. This is a key technical support level imo above $1180.
There has been signs that physical gold demand is picking up with premiums rising in Asia so it will be interesting where we bottom out if we saw it last night or we will still test $1180. My gut is telling me we still may test $1180 but I would see that as a massive opportunity if it gets there.
There is also evidence that Germany is finally repatriating their gold from New York much quicker in 2014, already having shipped 50 tons in 2014.
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Originally Posted by airedale
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