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As we close down for Christmas, we would like to wish all our subscribers and readers a merry Christmas and prosperous New Year.
We have made an 88% profit this quarter, a great result in difficult trading conditions. See you all in January!
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Gold remains under pressure after reacting at the 1637 resistance area, we expect further weakness especially as 2011
Gold found resistance at our target 1637 area and has sold off from there. We expect another downleg to start shortly in the C wave correction, first target 1535.
Choppy price action is typical of Wave 4 and we expect another down leg shortly. Fib resistance at 1607 and 1637 for this corrective phase. No open positions.
Gold is pretty much unchanged in quiet trading this morning, we consider this to be wave 4 of C with a final wave 5 to come. Fib targets for this correction are 1607 and 1637, wave 5 should see 1535 as a minimum.
After 4 days of heavy losses, gold has stabilised and is attempting a rally, unsurprising considering the carnage of the last few days.
However the rally is weak and unconvicing, we do not consider that a bottom is in, though it may not be too far off. Our subscribers have access to our thoughts on targets should 1535 fail to hold. Gold has continued to sell off, smashing through the 200 DMA and seemingly headed for a retest of 1535 or even lower. We will watch for signs of a bottom to go long.
The sell off in gold continued yesterday and the important support at the 34 week moving average was broken. The triangle pattern appears to have broken to the downside and an ABC correction is unfolding.
The next support is at 1615, below that the next target is the wave A low at 1535 Gold has continued to sell off overnight and is currently around the 34 week moving average, a level that has provided support for the last three years. We have moved our stop to break even to lock in profits.
If the 34 week moving average does not hold, we would look for the 200 day moving average at 1615 as the next support level. Gold fell through solid support at 1705 and sold off strongly as anticipated. We entered the market short at 1699, however we are mindful that this may be a fake out move and will look to take profits quickly.
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Old Posts
August 2021
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