Gold is retesting the 1634 lows again and is finding resistance around 1664. We expect lower prices, though we may have a day or two of consolidation in this range first.
Gold is staging a modest recovery from lows around 1634, however we consider this to be a counter trend recovery rally in a C wave and expect the downtrend to resume shortly.
We await signals that a bottom is in for this C wave, todays video looks at our target for this wave down in more detail.
It is clear now that we have entered Wave C of this corrective phase, Wave B retracing 38.2% of Wave A before resuming the decline.
Today's video looks at our targets for Wave C and what we will be looking for as signs that a bottom is in so that we can enter the market with a new long position.
Gold has continued to trade choppily with a downside bias as we predicted, we consider that we remain in Wave B with more choppy consolidative action ahead. However it is possible that we have just entered Wave C down.
For that reason we are staying out of the markety until a clear trading opportunity unfolds - we have banked $166 this year and won't be giving any of it away lightly!
Gold continues to retrace in what we consider to be a B Wave. The action is choppy and difficult to trade (see Friday's action as an illustration), we prefer to sit on the sidelines and see what happens for now.
Today's video looks at price targets for the B wave.
Gold has recovered well from the lows at 1663, in what we consider to be a B wave within a Wave 2 correction.
Today's video looks at the price targets and timescales for this corrective wave, for now we remain flat and await our usual signals to re-enter the market.
Gold appears to be stabilising above support at 1663, though it is early days and we are not convinced that a bottom is in. After such a huge sell off as we had on Tuesday, we can expect a period of consolidation, nervousness and choppy action skewed to the downside.
Today's video looks at the signs we are looking for to confirm a bottom is in and our thoughts on timing. The 200 DMA may well be key short term.
As predicted yesterday, gold sold off below the 1689 support area which led to further selling and stop losses being hit. A tentative bottom has been found at 1664 we shall be watching for signs to go long.
Gold appears to be tracing out a bearish triangle continuation pattern and we would expect to see prices break below the 1689 level shortly. We remain on alert for signs of a bottom and the chance to re-enter the market on the long side.
Today's video looks at the triangle pattern in more detail.
Gold has failed to recover from the huge sell off on Wednesday last week and looks poised for further falls from here.
We would expect a test of the 200 DMA and 38.2% retracement level at 1689 again shortly and possibly lower still once we get there.
For now we remain flat and watching the market for signs of a possible bottom.