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Gold 2024 Commodity BOOM! (ECM) 🚀


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image.thumb.png.42933846c70c1d0cc7c9c65901aaddc6.png

Daily Time Frame: MIDAS Top-Bottom Finder reached 100% today, indicating that the fuel associated with the current uptrend has FADED. A pullback to MIDAS now becomes likely which is in alignment with cyclical support.

Weekly Time Frame: Price is trading between weekly resistance and the break-line generated from the low (origin of uptrend) creating a bullish Pennant pattern. Major support currently lies at 1940.

Monthly Time Frame: Here we have a Trap Play to the upside! This is a significant event, warning of a potential WATERFALL EVENT TO THE UPSIDE. The angle of the light-red colored cycle is revealing the direction and angle of the market going forward (a future roadmap).

What to make of all this? Buy Gold! :D at 1940 🚀

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Read more about the 3 Time Unit Reaction Rule here: https://www.armstrongeconomics.com/armstrongeconomics101/basic-concepts/the-3-unit-of-time-reaction-rule/

The Monthly Trap Play will challenge a break (and most likely break) above the 2000 level before February 1st 2024.

The ECM is poiting to a major turning point in the economy come May 7/8th 2024.

Edited by Carl-Gustav
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  • 2 weeks later...

 

On 02/11/2023 at 16:17, Carl-Gustav said:

image.thumb.png.42933846c70c1d0cc7c9c65901aaddc6.png

Daily Time Frame: MIDAS Top-Bottom Finder reached 100% today, indicating that the fuel associated with the current uptrend has FADED. A pullback to MIDAS now becomes likely which is in alignment with cyclical support.

Weekly Time Frame: Price is trading between weekly resistance and the break-line generated from the low (origin of uptrend) creating a bullish Pennant pattern. Major support currently lies at 1940.

Monthly Time Frame: Here we have a Trap Play to the upside! This is a significant event, warning of a potential WATERFALL EVENT TO THE UPSIDE. The angle of the light-red colored cycle is revealing the direction and angle of the market going forward (a future roadmap).

What to make of all this? Buy Gold! :D at 1940 🚀


Update: 1940 level holding strong, will we break above 2000 this month? 😄

image.thumb.png.936cb851fb4c925cfe63fddea8387fa4.png

Edited by Carl-Gustav
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Update: We are now currently trading above the 2000 level. Resistance stands at the 2007 area, which is the level we need to CLOSE above this week before we can see an advance to the upside.

If we close above resistance this week then a close above 2000 becomes likely this month! 🤑


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  • 2 weeks later...

Here we go!!! Gold making record highs 🚀🚀🚀

The level to watch going forward is 2133 👀, which is the weekly cyclical resistance. We need a close (preferably 1%) above this level at the end of the week before moving any higher. High volatility is to be expected throughout December.

🤑

Gold Record Highs.png

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1 hour ago, THT said:

Basic chart reading

THT

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Thanks for sharing @THT

I highly doubt that gold will fall below the 1900 level, which is the lowest support level on the monthly time frame.

Right now, the current pullback in gold is nothing but a FALSE MOVE to the downside which ALWAYS takes place before a REAL BREAKOUT. This FALSE MOVE can last no longer than 1-3 time units and is simply the REQUIRED movement of markets.

Gold is setting up for a major sling-shot to the upside.

Lowest Support.png

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38 minutes ago, Carl-Gustav said:

Today is NFP

Non-farm payrolls in focus for Fed’s next move

In the US, the focus is on non-farm payrolls for the month of November, due at 1.30pm (UK) today.

 

 Angela Barnes | Financial presenter/producer, London | Publication date: 

For a few weeks now, the market has been trying to figure out how soon the US Federal Reserve will start cutting interest rates. IGTV’s Angela Barnes has the latest.

The US Federal Reserve's decision

The big thing that traders are looking out for is the release of the non-farm payrolls report for November in the US. This report will give us a good idea of how many jobs were added or lost and could affect the US Federal Reserve's decision on interest rates. Right now, there's a tool called CME FedWatch that predicts a 90% chance of a rate cut by May 2024 and a 60% chance of a cut at the March meeting. So, if the report shows that not a lot of jobs were added, the chances of a rate cut happening sooner rather than later might go up.

The JOLTs report

There are a couple of other reports that are giving us some clues. One is the JOLTs report, which showed that job openings decreased a lot and reached the lowest level since March 2021. Another is the ADP survey, which found that private businesses hired 103,000 workers in November, which was less than expected. These reports are making traders pay more attention to the non-farm payrolls data.

 

People are really interested in the non-farm payrolls report, and you can see that because the price of the US dollar has gone up a little bit. The experts have different ideas about what the report will say. Some think around 100,000 to 275,000 jobs were added, but the average guess is around 180,000. This would be better than October, when 150,000 jobs were added. But keep in mind that around 30,000 workers had come back to work after being on strike.

They think the unemployment rate will stay the same at 3.9%, which is the highest it's been since January 2022. And they predict that hourly earnings will have gone up about 0.3% from October and 4% compared to last year. Overall, this report is an important one for traders because it could affect interest rates. It's interesting to see the different forecasts and what they mean for the job market and the economy.

 

 

 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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