Back to '13/'14 consolidation apex. All lines based on weekly swing high/low closing prices. The June 2014 level looks ripe for a retest before prices move higher. If next week makes a move above 1300 level, we should see 1336 next. If lower I'll expect a bounce at the 1258'ish level. Overall, short term, I am biased to the long side - 1380 once we see a weekly close above 1300. Good trading all.
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This chart shows the short term setup in cluster form - Although there is potential support in the 1270's, I believe that prices will need to resolve down to the 1252-1258 level before breaking above 1300 longer term.
This chart shows the short term setup in cluster form - Although there is potential support in the 1270's, I believe that prices will need to resolve down to the 1252-1258 level before breaking above 1300 longer term.
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Will look for a higher swing low on the 4 hr time frame to confirm this trend
Will look for a higher swing low on the 4 hr time frame to confirm this trend
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The monthly chart (colors showing major monthly ranges) shows that last month closed higher than the previous monthly closes of early 2015. This is very bullish in my opinion and puts our current monthly range top at 1320 level.
The monthly chart (colors showing major monthly ranges) shows that last month closed higher than the previous monthly closes of early 2015. This is very bullish in my opinion and puts our current monthly range top at 1320 level.
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Regarding the monthly chart; I have been predicting that we will see 1378 by July. As you can see on the chart 1300-1400 could be a quick swing.
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See my weekly setup below - this chart is just another bullish case presented on the Daily time frame
See my weekly setup below - this chart is just another bullish case presented on the Daily time frame
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Gold has returned to the June 2014 swing low, outlined in the original published chart above. Lesson learned here; I did not listen to my original analysis which clearly showed rejection and got stuck in smaller timeframes allowing long bias to get the best of me this week. So, original chart is still valid.my apologies for deviating from it in the follow up comments!
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I am expecting support to hold at the 2 month consolidation apex 1245-1248
I am expecting support to hold at the 2 month consolidation apex 1245-1248
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I feel very strongly about this level holding; unless rates are raised on June 15
Сделка закрыта: достигнута стоп-лосс цена:
Structure broke down. This trade is void. I see two potential strong demand zones below. One I did not add to the chart at 1225, near our current level, created on 5/11/15; the next demand zone is around 1202 as shown on the chart.
