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Comex

Will Gold resume its Bull run?The decade of bull run from ~$260 in 2001 to $1920 in 2011 (6X) on back of safe haven buying and an investment asset class ended with revival in major global indices and on track economies. The 5 years of slow and steady pain from 2011 to 2016 where gold lost 45% of its glittering from its peak might come to an end. We might witness the resumption in the bullish trend on the back of technical setups. The rationale are: * Morning Star - bullish reversal candlestick pattern * Falling channel support * 38.20% Fibonacci retracement of $260 to $1920 * 2/1 Gann fan line * 141% Fibonacci time cycle of 2001-2011 ends at January 2016 * -DI sloping southwards suggesting bears are tiring The above view would hold till gold doesn't breach $1000 and expect the move towards $1450-1600.
COMEX:GC1!Long
by bbrijesh
GOLD temporary mini-rally before the last ditchHi Traders, GOLD (now at $1155) is performing the last rally to 1220 before resuming the very last ditch to the area around 1089. The present level of 1155 seems to be a good entry point for a short rally to 1200-1220. BTW, once the downtrend resumes, it should stop around level 1089 or end a bit lower around the area at $1043-32 that seems to be the absolute minimum and it's considered an unbreakable support. If this analysis is correct, this would mark the very end of the line for the 38 months downtrend which should be followed soon by a new major uptrend. TARGETS first up to: likely: 1200 possibly: 1220 maybe: 1235 then down to likely: $1089 possibly: $1043-$1032 ELLIOTT WAVES The weekly chart displays the formation of wave 5 (in magenta, from March 16, 2014). Wave 5 will be made of 5 waves, three of them already completed and the fourth one in formation. After wave 4 up, the last wave down will follow (wave 5) which will complete major wave 4 downwards (from Sept 2011). The daily chart shows that "Wave 3" is completed and it's starting a rally to form wave four (in magenta) to 1200-1220-1231 Wave 5 will then follow to establish the historical low at 1089 or a bit lower to the area 1043-1032. Cheers. Mario D. Conti
COMEX:GC1!Long
by mariodconti
1
Gold approaching the ultimate targetHi Traders, GOLD (now at $1134) is fast approaching the predicted target around 1089. Even in the event of a breakout below this level, the yellow metal should end the downtrend above the area at $1043-32 that seems to be the absolute minimum and it's considered an unbreakable support. If it's true, this would mark the end of the line for the 38 months downtrend which should be followed soon by a new major uptrend. TARGETS likely: $1089 possibly: $1043-$1032 ELLIOTT WAVES The weekly chart displays the formation of wave 5 (in magenta) which will complete major wave 4 downwards (in grey). The daily chart displays "wave 1" and "wave 2" (in magenta). "Wave 3" is almost completed and it's made out of 5 smaller waves down (in red). Usually, the last wave down (weekly chart) is made out of 5 waves. However, either my wave count is incorrect or this is a rare case of a final wave made of 3 waves only. BTW, it wouldn't make much difference. In either cases, it's almost over.
COMEX:GC1!Long
by mariodconti
1