15 replies to this topic

[tradesurfer]

i have to disagree with the first yellow downtrendline on the first chart on xau. you can also draw another one that shows we are still under it.. does anyone else here think this fridays job report will slam gold down 10 or 15 dollars? ts

[Thunders]

tradesurfer

You are absolutely correct; you can look at a chart many ways.

Look at the first chart; you could say:

1) That XAU still is moving between a bigger triangle.
2) It should not break the lower line.

Many traders only play this if it breaks the upper line.

Now look at the second chart; I could say that XAU is forming a cup with a handle.

Violation of the first chart is most important; we do not want to see it happen.

Now the original XAU that I posted would only be used in a short term, dealing with small resistance in a bigger picture.

[SilentOne]

You may see a cup and handle form, however, I would counter that the XAU and HUI formed large flags. We broke up from those flags, despite tremendous bearish sentiment. It's a buy, no matter how you slice it. If you are not in now, you will be simpy be trying to pick entry points from here on. cheers, john

[SilentOne]

I should add, a 3rd of a 3rd wave should now reveal itself either today or tomorrow and top out near XAU 110. That is if we are going to get one. With gold having already tested its alltime high and silver breaking above $8, what do you think is going to happen. Major buying IMO. cheers, john

[stockbucks_coffee]

being bullish all of last month. but now it looks like topping process to me. sold my all gold stocks (most of them yesterday) and putting sell stops on my silver stocks. so looks like at least a s/t high around here soon (could apply same to the stock market in general.) good luck trading. SC.

[Thunders]

I still see a possible brake out. Sold CDE still keeping my PMU, BGO and WHT from last year.