Gold.... a new Dawn or just another Sunset ??
An update of my October 14th note.
Two Harmonic patterns still remain in force after recent challenges. (ABCD and Crab)
Possible triple bottom in place around the $1620 area.
We have effectively reached the first ABCD target.
An arc has been added to give context and show support levels
I should expect some retreat from Fridays $50+ rise, $1670 remains critical support for longer term appreciation.
Supply resistance levels are $1680 and $1732.
Miners should lag as their margins are under pressure and I expect year-end tax selling. But pay attention to the HUI, GDX and GDXJ.
Jury is till out if this is a major reversal. If it is the there is no need for FOMO.
Stay cautious and nibble.
As always not investment advice and DYODD
Good trading.
S.
Two Harmonic patterns still remain in force after recent challenges. (ABCD and Crab)
Possible triple bottom in place around the $1620 area.
We have effectively reached the first ABCD target.
An arc has been added to give context and show support levels
I should expect some retreat from Fridays $50+ rise, $1670 remains critical support for longer term appreciation.
Supply resistance levels are $1680 and $1732.
Miners should lag as their margins are under pressure and I expect year-end tax selling. But pay attention to the HUI, GDX and GDXJ.
Jury is till out if this is a major reversal. If it is the there is no need for FOMO.
Stay cautious and nibble.
As always not investment advice and DYODD
Good trading.
S.
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My update...
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A further update...on plan...probable pause
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another update...
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So we are at the bottom of the next resistance zone after hitting Crab target 1.
The top of the zone is about 1807 .I expect REAL resistance here.
The top of the zone is about 1807 .I expect REAL resistance here.
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No surprise here....
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An update. Does old resistance become new support ?? Looks like a one month timeframe on cycle bottoms.
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Gold stopped at 1785 area (resistance 3). Probably Powell speech this week will provide some volatility between resistance 2 and resistance 3. Momentum is a negative.