Gold is looking bullish now after what might have been a double bottom in the 1180/2 area as it's got an RSI breakout:



dl.dropboxusercontent.com/u/20815047/FTS...olddaily05_01_14.png

As with the post on KAZ, it's worth waiting for it to form an initial high and a higher low (perhaps on an RSI trendline backtest) and then buy the breakout.

gold dumping now as expected.

1186/87 break below will now open up 1151/3 > 1146 . short term.


WS

Thanks Jacko, yes rocket in midflight now lol, like the indices

Agree with that too WS. In fact, here's a daily showing the shorter term downtrend resistance is right at that key 1223 level:



dl.dropboxusercontent.com/u/20815047/FTS...olddaily29_12_13.png

PS Nice update to your avatar LOL!

Still see further weakness in gold, ideally would like to see this test 1150/1130 range, perhaps Pri A to complete around there, next level below that then 1050/950 level.

short-term 1221, 34, 52 bounce area, before heading lower, buying opp come feb/march 14 ?




dl.dropboxusercontent.com/u/40497882/Gold_weekly_Dec13.JPG

rgds,

WS

Libero,

Here's my 'two-penny-worth'. Now the labeling is done this way to appease Jackozy: cos he loves numbers and not letters But it fits, at the moment: the (i) and (ii) reflect the necessary fight between the two waves; the over-sold RSI is what one would expect from a wave (iii; wave (iv) made 38.2% of wave (iii)but not 50%; the projected wave (v)at 1041 would be duplicating wave (i) and is adjacent to existing support at 1044 and 1032.

All that said, this maybe just the conclusion of a wave A, with a B and C to follow. Time will tell.....

dl.dropboxusercontent.com/u/7238706/Gold%20Ounce%20USD.png

Hi libero
That was an interesting read.
Thanks for sharing. How often do they print these?
G

CV Patrons

Here's a UBS semi/technical look at Gold

It could be a wild day for it today with the Fed will they / won't they nonsense....

Folks,

Just a quick technical picture (uber-busy this week, but will try to put something up on Monday):


DAILY price-action:




WEEKLY price-action:



Is that an inverted hammer forming on the weekly (technically speaking we are in a down-trend so this enforces the case)?

As ever, comments welcome.

Be safe folks.

Long @ 1256
SL below 1236

Good folks,

An update (due to the reversal) on Gold...




Have decided to include the US 10 Year Note - as it is interesting too...




Good luck and be safe!

p.s. CC iii POG Board

Folks,
Here are Daily / Weekly / Monthly charts which show us the gold price-action...


MONTHLY:



WEEKLY:



DAILY:



On the monthly, the trend-line is holding, and maybe, just maybe, if the RSI plays out in conjunction with the price-action, it might be a good opportunity to load up.

On the weekly, whilst the trend-line is there also, the RSI (which isn't showing) isn't so bullish, and the MACD isn't confidence inspiring either. Sitting on the fence.

The daily picture is still a bit bearish in my view (and I'm gold biased!). The whilst the DX(neg) has calmed down a bit, the DX(pos) isn't interested in taking over; worst still, the ADX remains elevated, and this represents bearish sentiment because DX- remains more powerful than DX+.

Anyway, will leave you good folk to make up your own minds...

Good luck!

Hi Remo,

You clearly have fans at Credit Suisse!



Gold stays bearish and we look for a break below 1251 to retarget the year’s low at 1180. Beneath here is needed to retest our long held bear target at 1157/54.

Above 1415/34 is needed to set a base.

p.s. Disclosure, I'm a holder of physical and cfds so am "biased" but will try to trade the moves too as a hedge. So risky though!

Libero wrote:


Hi libero
yep....Possible double bottom there so will be going long on first attempt of 1180.

What do you reckon Remo, re-testing the 1180 intra-day low of the year?

or beyond?

im already short on the gold from the breakout this morning.
Mentioned this on the chat.
This looks like it may be heading a lot lower so longs should be avoided for the time being.


dl.dropboxusercontent.com/u/4899609/gold20thnov.png

I'd go with that Remo...

but! I'm not bearish just yet!




Oh,regarding the Fibonacci retrace, is simply a matter of historical reference, watching the retrace rebound to the 61.8% is a thing of beauty.

Anyway, I believe that if Gold prices stay within the wedge, I'm of the view that something could happen (yes, I know, something will happen either way, wedge or not!)

Careful with new longs on gold.
To risky to go long on gold.

CommerzBank and Nomura Bank's Technical takes on gold...

a couple of pages each ...

This should be a free trade now. So make certain the stops are moved to break even
Was getting worried for a minute but this has come good now.


dl.dropboxusercontent.com/u/4899609/gold13thnov.png

i took some longs yesterday @ 79 and got a $9 move upside then sold as i just didnt like it, mentioned on the chat to be careful on gold if going long.

gold imo if it cant get abv 1278 n 1289 - very important it going nowhere and has a chance to test 1230/1200.

key numbers - 1327, <1289 <>( bulls need a close abv this) 1278> **1259**> 1230

all imho

im already long from earlier and currently losing..
My stops are below 1250...
I was hoping for a bounce on first attempt
Stop is tight . Hopefully can bounce or else this could go towards 1180 so hence tight stops


dl.dropboxusercontent.com/u/4899609/gold%2012thnov.png

Ready?

This is approaching the trend-line, around now.

Keep an eye on the up trend line over the coming week or weeks.
Worth a long on a first attempt basis with the stop below the nearest support.
So one to keep a close eye on.


dl.dropboxusercontent.com/u/4899609/gold31stoct.png

Gold Daily chart - structure taking form... comments in the chart.

Gold bear market rally continues, but comes with volatility...





dl.dropboxusercontent.com/u/40497882/Gold_daily%20Oct13.JPG


Dyor...

WS

This is at a key level just now c. 1330 (where I have the 4H downtrend resistance). Here's the daily (ignore the wave count - it's just a possibility which, if the trendline breaks, is unlikely to be right:



dl.dropboxusercontent.com/u/20815047/FTS...olddaily08_10_13.png

Long on backtest of trendline break or short at the trendline. Have stops in place.

Short Term trade (on hourly signals, this on due to DMVT indicator).

Looking good on the hourly...




Also, Gold is currently above its 5 & 10 MA, but way off its 20 MA (which is around 1328).

If it can close above this level, there's a very good probability of further upside, but as GATA's position states, there's no point doing T/A on gold nowadays because Central Banks intervene in this market as they do with Bonds.

Take due care when dealing with Gold or its proxies....

EDIT: A question on the chart.... does look like a Quality Assurance Rejected Cup 'n' handle formation?

p.s. FRES looks like it bounced off its main-trend line (or thereabouts!).

CC: iii POG.

Folks,

Here are four (Monthly, Weekly, Daily, and Hourly) charts on gold, I always feel that with this type of commodity, it helps to see the longer term picture.

Monthly:


Weekly:


Daily:


Hourly:



Now remember folks, the usual disclaimer applies, i.e. DYOR!

Wish I'd been paying more attention to this as I missed a great short opp last Wednesday after the FOMC news:



dl.dropboxusercontent.com/u/20815047/FTS...OLDdaily23_09_13.png

That rise peaked at exactly the backtest of the trendline break and the original breakout point of the last drop - both at the 1373/5 level - so two important resistance at the same level.

Having missed that, there's no choice now but to wait. Key levels for me would be to go long on a close above 1375 (wait for close above then go long on backtest) or short below 1292 (same strategy - close below then short the backtest). Stops are a must as it's pretty violent.

I have sooo much to learn - charts yes, and, perhaps more importantly, to keep a lid on it and not get so carried away!! Just reading your rational comments and I find I'm breathing more calmly!!

Thanks!!

I could be wrong & POG could gap up massively tomorrow BUT from my own experience in the past it will defo give you an opportunity to get in with less risk than what you would have with an order to open!

PS - if part of your salary is in USD I assume a part will be either in GBP or EUR so it should naturally hedge itself!

If not, paying attention to Feds comments today ( which could lead to extended W5), I would add to my position on Gold (inflation hedge) rather than concentrating on POG/ randgold or other gold miners

Hi R/C,

Thank you man.

Sanity Prevails here I think. Rather than go with impulse (I think I've missed the POG trade), I'll be content with what I got).

You're right on the money (excuse the pun), regarding Remo's chart, as well as the 1-2-3 set-up.

Have a good evening and thanks again!

Libero wrote:
Libero,

I was thinking of going long at 1311 area when it was showing a nice hammer on the chart...but then the sudden spike came and by the time I could open my trade it was already in the 1320s! I didn't go long just because of the sudden spike but technically also it looks good. That said I have already closed a part & have moved the SL for the rest to above B/E so it's a risk free trade!

About POG If I am assuming correct you want to take a Long position...you can have an order to open ready @ 72p but it won't get filled if it gaps up above that level at the open. I personally wouldn't advice it as if it has gone to 70p it doesn't mean it won't go any lower. I would wait for a 123 low or go long at the previous low like Remo said with a tight stop.

Good Luck & Happy trading mate

R/C,

A man after me own heart

Like you, I'm in. Alas, I should posted my CfD entry (1321) on here instead of the iii POG board just after 7pm! I guess I was a bit excited.

Not sure if this is short-lived, I personally hope it has legs, but like the ol' saying goes "hope is just a four letter word to a trader!"

p.s. The downside of this move, for me personally, is that part of my salary is in USD, so erm in a nutshell: Ouch!

p.p.s Thinking of opening an order via IG Markets on POG at 72p to be safe, do you have any experience of orders being taken in situations like this?

As ever, good luck and be safe!

Long @ 1322
SL below 1292

Bullish reverse head and shoulders nearly formed on gold – target is $1700 if it is confirmed

www.goldmadesimplenews.com/gold/bullish-...-is-confirmed-11729/

Whats comment from experts in here?

my long on the gold was stopped out
It looks like lower prices may follow now so be careful on new longs on the gold for the time being.
1277 is my next target for gold and my next long entry on this.
Theres not much support now until 1277 and 1272

Cheers Remo!

Superb explaining as ever.

Physical holding aside, I've got a handful of synthetic positions open, two are still in profit (1271 and 1303) and one is underwater (at 1425 - only because 1423 was taken out with such ease. So I'm calling that one a long term 'investment' hehe ).

Last week, I actually put a note on my trading spreadsheet to dump the positions when it bounced last friday (it hit 1390?). Alas, I've shown what 90% of traders do, which is succumb to greed and hold!

Note to self: Sell into the next minor rally. The market ALWAYS gives oppertunities. Don't be greedy, a Profit is a Profit.

I hope this note stays in my head!

I forgot to add that gold is actually in a down trend..If you look at the bigger picture.


dl.dropboxusercontent.com/u/4899609/gold12thsept1.png

Hi libero
It looks like gold has broken the trend line
This means its in a correction phase if it finishes the day below the trend line. Theres 2 ways it can go if a trend line is broken...sideways move or down.
I would look at the fibs now for any support. since we have a high and a low and this move was made in 5 waves so plot the fibs. so this correction could move down in 3 waves so now i would look at the 38.2 fib area for initial support((1337) but since the trend line was breached (if it finishes the day below) it could head towards the 61.8 fib area 1277. so if i was to go long in the future that would be the area to go long(1277)...
Im currently long on gold and my stop is below 1335
The trend line breach was at 1359 but i went long at 1348 due to the breakout point.Also the fact that the price was so close to the trend line meant there were risk attached to the trade near the trend line.
The day is still young so any thing can happen.
So ultimately i would look for a correction (if we finish below trend line) in 3 waves.Id be looking to go long at 1277 area and hope that would be the end of the correction with the 3 wave. If how ever that was breached then look to 1180.
hope that makes sence



dl.dropboxusercontent.com/u/4899609/gold12thsept.png

Hi Remo,

Sorry to bump this thread up, but where do you see Gold heading now?

www.4-traders.com/GOLD-4947/technical_analysis-full/&plein=1

It looks like it has breached 1347 (ok, by your chart it is 1348 ) convincingly.

Next support at 1320, then 1280ish?

Gold looks like its going to test the trend line today. worth a long on first attempt of trend line with 10 point stop.

dl.dropboxusercontent.com/u/4899609/gold10thsept.png

Gold is approaching strong support soon at 1348.
This level has 2 important supports together.
The trend line and the breakout point just so
happens to be in the same area ,give or take 1 points tomorrow.


dl.dropboxusercontent.com/u/4899609/gold5thsept.png

This level is what a trader with patience looks for
Ive got my order in at 1348 with a 15 point stop on a first attempt basis. I would have gone
for a bigger stop but have a large position ready to activate This is my gambling trade
as im hoping that the bounce would be strong due to 2 levels of support so am not expecting this level to breach by to much.
Ive taken the extra gamble due to my winnings from the previous trade on gold as can be seen from my previous posts on gold

Back on the radar....



Is there a Golden Cross coming? Watch this space


Meanwhile, for those who like to "Flip the chart upside down" (remember those days?), this is gold (upside down):

forgot to mention that the 1424 was a comment based on a earlier target from an earlier post. Hence why i mentioned the level. so that would have been the level to take some profits if you were long already.
gold still has a lot more to go in my opinion especially with all thats going on

Libero wrote:
Hi libero
I wont short there again as it was a first attempt trade and thats done now. If it goes back upto 1424 then likely to breakout
Gold is bullish and if 1424 gets taken out then this should head towards the main down trend line which is currently at 1519

Im a short term trader so bear that in mind when ever i write some thing

Remo,

Gold does look like making higher lows - which is bullish no?

Let's see if there are buyers in ASIA on the back of the 1424 attempt.

Cheers!

remo wrote:



Gutted at the level i mentioned was actually about half a point wrong...dohhhh
The actual level to place a short on the first attempt was meant to be 1423.16
So my 1424 that i roughly estimated messed my trade up...did not enter
That would teach me to have a quick look.
I missed the trade by half a point....would have made a nice profit...


dl.dropboxusercontent.com/u/4899609/gold27thaug1.png

My 1424 resistance is near by


dl.dropboxusercontent.com/u/4899609/gold27thaug.png

Resistance point at around 1415?



(From Credit Suisse)