Marketsurfer's bold gold proclamation

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I see a strong move in Gold here $930+ dare I say re-test current highs, who knows. Do you see inversed H&S here? + histogram is in bullish pattern 3 rising troughs. We just witnessed a vicious squeeze in CL, ImPO same to be expected in Gold here.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1951980>
 

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whats funny here is in another thread a few weeks ago

another ET trader posted about a H+S pattern to the downside

in gold

he was wrong ... time will tell if you are right

:p
 
Quote from SethArb:

whats funny here is in another thread a few weeks ago

another ET trader posted about a H+S pattern to the downside

in gold

he was wrong ... time will tell if you are right

:p
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Sure, I will be trading this from the long side tomorrow. TY!

Histogram points to upside, as far as I see it Gold has retraced & now we are ready to re-test highs
 
Quote from JSSPMK:

I see a strong move in Gold here $930+ dare I say re-test current highs, who knows. Do you see inversed H&S here? + histogram is in bullish pattern 3 rising troughs. We just witnessed a vicious squeeze in CL, ImPO same to be expected in Gold here.
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I agree. I mentioned on ES thread that I started trading gold. I see a good RSI setup on gold daily. I am however, currently long from 896.10
 
Quote from jagmot:

I agree. I mentioned on ES thread that I started trading gold. I see a good RSI setup on gold daily. I am however, currently long from 896.10
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Still long but quite an ugly day for gold longs. Very close to stopping me out. My stop is 866.10, sorry I didn't post that earlier.
 
Quote from jagmot:

Still long but quite an ugly day for gold longs. Very close to stopping me out. My stop is 866.10, sorry I didn't post that earlier.
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Stopped out
 
Quote from PaulRon:

not too late to move to the short side, still lots of room down to go imo
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PaulRon,

Thanks for the comments. Could you share why you think Gold is heading lower? Is it related to dollar weakness or more?

I still believe that Gold is heading higher. The weekly and daily RSI had bottomed out when I placed my trade. Unfortunately, my entry was poor as I was late to the market. I will be looking for reentry long in the next few days when the setup shows itself. The setup I'm using is one that I use in the ES quite successfully but has not been tested in other markets. I'm using Gold as my first test as I've traded it in the past successfully with a different strategy.
 
Quote from jagmot:

PaulRon,

Thanks for the comments. Could you share why you think Gold is heading lower? Is it related to dollar weakness or more?

I still believe that Gold is heading higher. The weekly and daily RSI had bottomed out when I placed my trade. Unfortunately, my entry was poor as I was late to the market. I will be looking for reentry long in the next few days when the setup shows itself. The setup I'm using is one that I use in the ES quite successfully but has not been tested in other markets. I'm using Gold as my first test as I've traded it in the past successfully with a different strategy.
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Although I'm long term bullish on fundamentals, I don't believe we'll see 870 again for at least a month. I'm incredibly bearish right now purely for technical reasons based on elliott wave principle which you can see over at my thread, "Gold's Action"...
 
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