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Gold Heading for 1324


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1 minute ago, elle said:

A new target level  :)

yes, subject to instant abandonment should subsequent events prove detrimental to any attempt at forecasting 🙂

Though if oil and equities continue down it would seem a reasonable short term goal for gold. 

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@elle and casey thanks for the charts. The gap up looks great specially on the volume increase.

Could be an impulsive wave. Believe you are on the money on this.

 Middle East is hotting up that is the key lever up with oil price. Otherwise think we have large up move finally over next 6 months for gold and down for oil.

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4 hours ago, elle said:

from twitter

Capture mytra.PNG

 

That chart ... :D

Did someone's five year old kid doodle all over it?  :D

I've no idea how any human being can find all those squiggles useful ... in the heat of the moment won't they just be a confused tangle?

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That's a massive rejection at 1342 (monthly chart resistance purple) and reversal back down to 1324 (weekly chart resistance red), clearly no doubt where the biggest money is standing, not too many will be willing to take that on again in a hurry, expect some consolidation while peeps catch their breath.

image.thumb.png.37760d3b70851ac50427d1072f245853.png

 

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Would veer towards a pullback as you said.

If it hangs around here we could get gap higher catching longs waiting for historic resistance level to break, out.

As the market is bouncing it likely falls back.  Feels like this is though the start of a breakout period.

What is the  catalyst going to be? G20, Tariffs, liquidity squeezes, Europe, Middle East.

Powell saying QE is on the cards possibly also augers well.

Long term Gold is looking very good and choppy as usual.

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Quote taken from the SB fools thread this morning on the gold chart posted there,  " ... there was a pull back which stoch signalled the start of by dropping out of overbought but it's now in over sold so you should be looking for a long entry as stoch pops up out of oversold and heads back up."

Got that pop up last hour. H1 chart;

image.thumb.png.ae2fc1149ada252d3afb74f9d7d3c4be.png

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Wont be bullish on gold till it breaks out of $1350 ceiling. A concerted break above 1350 is a strong bullish indicator. Anything less is flirtation/divergence and gold will settle back down below 1300. A  firm breakout above 1350 then the upside is $1500+.

That's my trigger anyway.

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As in the post above you need to be checking the monthly chart for gold. To zoom in on the chart below, gold has been uptrending since last October with a retrace in Feb, Mar, Apr, before continuing up. The important point is the blue down trend line was touched to the tick before pulling back on Friday, it looks a bit ragged on the chart but is actually auto drawn based of fractals. With three previous touches that is the line everyone will be watching with much anticipation going forward. 

image.thumb.png.132804536e9669cd1887e88863a3fcc2.png

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