gold: new highs or reversal leg forming ?
- Thread starter Wallace
- Start date
Mr. Wall ace;
Its easy easy to call gold,GLD a bear trend, bear market-dipped below$1544 area,
bear signal 50 day moving average, so many weekly lows, on 1 year chart.
Looks like its trending higher, open & close on 1 year chart;
3 year long term trend................................................. Not a prediction JPM could short GLD, gold like they did silver. That could be bearish first[1st].
But I like what Art Cashin said ;
the shorts help fuel the rally[Actually gold, GLD is in a bull market;but none of this wisdom is prediction
]
Its easy easy to call gold,GLD a bear trend, bear market-dipped below$1544 area,
bear signal 50 day moving average, so many weekly lows, on 1 year chart.
Looks like its trending higher, open & close on 1 year chart;
3 year long term trend................................................. Not a prediction JPM could short GLD, gold like they did silver. That could be bearish first[1st].
But I like what Art Cashin said ;
the shorts help fuel the rally[Actually gold, GLD is in a bull market;but none of this wisdom is prediction
]How did you derive those channel lines Wallace?
dolemitettu, the charting/order entry program is MetaTrader 4 from FxPro, Cyprus
MT has 3 channel tools, Standard Deviation Channel - white lines, Linear Recession
Channel - green lines, and Equidistance Channel which I don't use
I usually use the LC/HC of a wave to draw the channel from, but there's other ways of
drawing channels if the throw isn't covering the price formation, go back a wave or two
and draw the channel from there, etc
MT has 3 channel tools, Standard Deviation Channel - white lines, Linear Recession
Channel - green lines, and Equidistance Channel which I don't use
I usually use the LC/HC of a wave to draw the channel from, but there's other ways of
drawing channels if the throw isn't covering the price formation, go back a wave or two
and draw the channel from there, etc
===========
Sure, it could;
but on an uptrending 1 year chart,
longer trend periods uptrending -- the uptrend is the highest probability.Not a prediction
forecast continued ~
IF one were to say, use the first wave of gold's rally as an estimate of this next wave
then, approximately $750 could be added to:
1: the low of the correction - 1550 + 750 = $2300
2: the HH of 1900 + 750 = $2650
I've always thought of gold and crude oil as 'universals', that is commodities that are
owned/used by 'everyone', and as such conform to the fibonacci number series
in the case of crude, while running up some of the fibo numbers had waves peaks on
them, more coincidentally than significantly, but, the initial H was 144.19 , after which
a reversal formation took the price to 147.30 and then the price plummeted straight
down to the LL of 32.40 and LC of 33.98 - 34
gold's HH in 1980 was 873 and it's HC 834 , and I construe these prices as fibo # 8
suggesting to me 13 ~ $1300 then 21 ~ $2100 (and then $3400)
but then there's ~ 89 + 144 = 233 which when adding a 0 = the above $2300 target
and coincidentally just above the 261.8 level of the 0 - 873 fibo
time target, Q2/3 next year
IF one were to say, use the first wave of gold's rally as an estimate of this next wave
then, approximately $750 could be added to:
1: the low of the correction - 1550 + 750 = $2300
2: the HH of 1900 + 750 = $2650
I've always thought of gold and crude oil as 'universals', that is commodities that are
owned/used by 'everyone', and as such conform to the fibonacci number series
in the case of crude, while running up some of the fibo numbers had waves peaks on
them, more coincidentally than significantly, but, the initial H was 144.19 , after which
a reversal formation took the price to 147.30 and then the price plummeted straight
down to the LL of 32.40 and LC of 33.98 - 34
gold's HH in 1980 was 873 and it's HC 834 , and I construe these prices as fibo # 8
suggesting to me 13 ~ $1300 then 21 ~ $2100 (and then $3400)
but then there's ~ 89 + 144 = 233 which when adding a 0 = the above $2300 target
and coincidentally just above the 261.8 level of the 0 - 873 fibo
time target, Q2/3 next year
================
Sounds like an accurate forcast,gold is uptrending on most all time frames.Gold tends to trend/good store/measure of wealth/wedding rings. Some use silver,for wedding rings,, but isome like to invest/trade trade silver some .
Lower gold donchian channels are uptrending also,,most all time frames;
but thats not a prediction & i dont predict gold ring sales for Christmas,LOL. Wisdom is profitable to direct.