On February 11, gold price breaking 1252.5 upward, this action confirmed 1046.3 is a middle term bottom (chart 3).
Gold prices pulled back in late March (1208.3) and in mid-April (1223.8) (Post 1, chart 2); Through March’s and April’s pullback that established the bullish trend. The next obvious target is 1306 (1306.1-1316-1329.1). However, after a period of accelerated move in recent days, A new consolidation is the likely outcome (reason shown in chart 1, tolerance +/-), the up-tick movement may end any date next week. medium-term and long-term is bullish. short term support 1271/1269, 1246 1230 +/-
The Trend Is Your Friend Till It Isn't (Post 2, 3, 4, 5)
Congratulations. If you'd bought gold & GDX just-in-time,
NUGT 119 Wow!
chart (1) http://www.chartuplo...01620081579.jpg
chart (2) http://forexrainbow.com/images/19373392535706200156.jpg
chart (3): http://forexrainbow.com/images/92406002051395496137.jpg
(1) 09 March 2016 - 01:15 PM http://www.traders-t...e-2#entry742959
Two possible low dates, one in middle March, the other in middle April, if the former one is lower than the latter that gives a positive middle term outlook.
(2) 07 March 2016 - 01:49 PM http://www.traders-t...e-2#entry742868
the target is 1316 +/-, exceeds the prior high 1306.1, a critical requirement for middle term bullishness (to see 1407). While, a pullback may be imminent, the overall setup is bullish.
http://www.chartuplo...84713483030.jpg
(3) Posted 07 January 2016 - 07:28 PM http://www.traders-t...e-2#entry738322
- The Zone 1 from 1077.5 (low in July 2015) to 1044.8 ( Low in February 2010) is still holding the ground.
- imho: A weekly closes above prior two Lows (1098.8, 1104.7) will confirm short term bullish signal.
http://www.chartuplo...96323881616.jpg
(4) 26 December 2015 - 12:12 AM http://www.traders-t...e-2#entry737737
Gold is holding the key support
GDX marked a higher low (12.92, 14.86, 13.30 ), early birds ?
http://forexrainbow....23000392801.jpg
(5) 01 December 2015 - 05:34 PM http://www.traders-t...-2/#entry736358
- GDX recent high 17.04 (10/15), recent low 12.92 (11/18),
- imho: the gauge for an early entry is 13.89@0.236. a proper Stop is required
- Gold: not yet, (1084.21@0.236, 1191.4-1051.1)
Edited by barbu, 01 May 2016 - 02:47 PM.
