Gc_f
04/12/2020 Gold. Where next?We had a sell off but fail on Monday before a strong rally $70 higher. Ranging yesterday. Where are we going to today?
Today is #NFP and recently we have much of a sell on good news. Could today be that reversal day?
Based on my system, lots of support below, 1835.42-36.66 (my blue bias zone) and 1828.26-65. Bias towards the upside, targeting 1848.490, 50.43, 52.587 and 1856.28.
1864.81 is a possible upside target but should cap high of day.
If 1828.26 breaks, targets will be 1815.91 and 1812.27. 1808.07 should cap low of day.
Long FCX ( $GLD $FCX #GOLD $GC1! $GC_F $Spy $GOLD $XME)see full chart at www.tradingview.com
FCX
Entry $15
Target 1 $17
Target 2 $20
stoploss $13
Why?
Why it is a buy?
Stimulus bill #2 will eventually come out by 2021, Along with FOMC mentioning that they will allow inflation to run wild. what that means is that, the fundamental value of GOLD and other minerals will increase in price. While everyone is focus on gold, and silver, they are missing out on Copper. so I think it is defiantly an laggard and we could catch a nice buying opportunity still.
Who are they?
Freeport-McMoRan, Inc. engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona; and Chino and Tyrone in New Mexico. The South America Mining segment includes Cerro Verde in Peru and El Abra in Chile. The Indonesia Mining segment handles the operations of Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. The Molybdenum Mines segment includes the Henderson underground mine and Climax open-pit mine, both in Colorado. The Rod and Refining segment consists of copper conversion facilities located in North America, and includes a refinery, rod mills, and a specialty copper products facility. The Atlantic Copper Smelting and Refining segment smelts and refines copper concentrate and markets refined copper and precious metals in slimes. The Corporate, Other, and Eliminations segment consists of other mining and eliminations, oil and gas operations, and other corporate and elimination items. The company was founded by James R. Moffett on November 10, 1987 and is headquartered in Phoenix, AZ.
Gold $2150 - $2250 Near TermProposed Wave 5 will take price to 2150 to 2250 above previous highs into the end of 2020
Gold - breakdown is starting?Long consolidation in OANDA:XAUUSD is finally coming to an end, with gold breaking down to downside.
Unless there is strong reversal in the upcoming hours, price of gold may decline 100$-200$ swiftly.
Gold - uptrend remains intact Long consolidation and several false breakouts, but in the end trend remains intact in OANDA:XAUUSD , as it is now trying to push to new ATH.
Unless ~1900$ is broken upside scenarios should be favored for now.
Gold - breakdown starting? Unless OANDA:XAUUSD would be sticksaved in the upcoming hours, we are likely witnessing start of downtrend which may bring metal as low or 1700$
Gold: Long to 2007 then a good shortGold should retrace the decline up to the $2007 level at which point it will present a good short opportunity down to $1780
Gold's next leg?Looks like leg 1 in the retrace is complete and we may have started leg 2. With a little more confirmation I'm buying with a target of 1995-2010. SL - 1919
Short $GC_FShort $GC_F
1760.1
SL 1788.8 (-1.6%)
TG1 1591.4 (+9.58%)
TG2 1521 (+13.9%)
>>Timing June 30, 2020<<
The Gundlach Indicator: In No Man's LandThe copper/gold ratio is traditionally viewed as a good proxy for bond yields, and that relationship has held mostly true of late. That said, we do not agree with all this exuberance over a topside "breakout". The ratio is sitting right in the middle of the recent range with heavily overbought RSI levels. Could go either way.
$GC_F: Deeply oversold on short-term charts, still bullishGold got hammered today as U.S. Treasury yields staged a decent uptick, but the long-term picture remains quite bullish as long as this consolidation channel holds.
Gold: Sell gold hereGold has broken the trendline and has retested it. Breaking down from the bearish wedge should cause a sell to the 1700 level.
Short Gold: My highest conviction trade right nowGold has closed the week with a bearish cloud cover candlestick pattern. We also have negative bearish divergence on the RSI and cyclically we can see that from the 2011 high to the 2016 low we are due for another turning point here in 2020. I have already posted a trade to short gold last week but I am reiterating this trade as I think gold can go much much lower from here.
#GC_F #GOLD Just follow the FibAs the market reprice, and the FED pretends to know what they are doing, just follow the Fib to trade the safe haven, #gold.
Reverse Position On GoldThe bear flag did not have much follow through and was stopped out. Shortly after the short position was closed, a long position was initiated for a reversal trade.
Bear Flag Short On GoldAfter a huge run up due to the Middle East bombing from Iran, a dramatic reversal presented a potential bear flag trade on gold for the near term. Here are the possible entry, exit and profit target zones for this bear flag.
