Get started

Gold-futures

Gold Moves Up after FOMCGood Evening Traders! Janet Yellen and the FOMC delivered good news for Gold bulls today and tabled a September rate increase just as everyone predicted. As a result, the US $ declined and stocks and Gold advanced. This was good but not great for our long Gold position. Given that we have been trading in this contracting channel since July 1, I (and everyone else!) were expecting an eruption of gold and a definitive breakout from this tightening range. Well, not today. If this could not shake gold from the summer doldrums, you have to wonder what can? Let's look at the chart. We now have a series of lower highs and higher lowers, forming a new wedge. We also have a wedge formed from these lower highs and the long ascending trendline. A wedge within a wedge. If tomorrow sees a red down candle, then the price compression is likely to last another week or two, extending out to the apex of either wedge. We also have a gap in play between yesterday's close and today's open. Knowing that all gaps do get filled, if price does move up tomorrow, I feel that the bullish move will be somewhat muted. Price could move up for a couple days and hit the outer BB but then come right back down and fill the gap. Because of this, I am lowering my first Profit Target from 1358 to 1349.50. Remember, Bulls make Money, Bears make Money and Pigs get Slaughtered! Stay safe and protect those profits!
COMEX:GC1!Long
by GoldBands
Gold - Long on Potential Head and ShouldersGood evening traders! As you all know, I was short from 1341.8 and looking for price to hit my target of 1305 1.64% . Well, Sunday night's price action was aggressive to the up side and I decided to close my trade and take my profits for a solid 23.1 points. At the same time, I began building my long position, taking a 1/2 stake in Gold 0.09% @ 1317.90. On the chart I have circled the 3 points that make up the potential head and shoulders. While the head is not that far below the left shoulder, it's enough for me! Especially if the current right should continues upwards. It is also creating a very large double 'W' pattern. The Stoch RSI is also confirming a move higher. The first thing to look for is that the cycle is at the bottom. The second is if the green line has crossed above the magenta line. Both are true here. If price does pull back, I will add to my long. As always, please I look forward to your questions and comments. Safe trading!
COMEX:GC1!Long
by GoldBands
Gold - The Week in Review - 9/16/2016Hello Traders! Thanks for joining me for this edition of Gold - The Week in Review . Last week we initiated a Gold short on Thursday @ 1341.8 and price moved down for the rest of the week. In fact, Friday's candle crossed and closed solidly below the midline of the range. Monday continued the bearish movement as price gapped down at the opening, closing at the cyan BB (1.0 Std Dev). Confidence in our bearish sentiment was high. Even though price moved up sharply and closed Monday's gap to start trading on Tuesday, price could not extend past the midline, reversed and created a beautiful outside down candle to end the day. The next day, Wednesday, was the only up day of the week but it was a weak candle as price clung to the cyan BB and hinted at more downside movement to come. In addition, Wednesday was the only day where the 2 supporting indicators were temporarily out of sync. The Stoch RSI continued moving down but the On Balance Volume had a slight rise to the upside. This was short-lived though as both indicators got back in sync on Thursday which saw a second down outside bar in just 3 days. Price closed under the Cyan BB after briefly touching the next down Blue BB (1.5 Std Dev). As trading started on Friday, and with my first Profit Target is 1305, I had fully anticipated price hitting that level before the end of the day. But try as price might, it was not able to push down and touch 1305. Although it was a good down day, price ended the week at 1310.2. Outlook for Next Week The big event next week is the FOMC on Wednesday. There is only an 18% chance of a rate hike at the moment according to industry analysts . While no rate hike would be seen as bullish for Gold, I'd like to see gold move down to the big area of confluence at 1300 - 1305 to complete the downward cycle before potentially resuming the bull move up to new yearly highs. If you look at the chart, you can clearly see the lower Red BB, the 100 Day Moving Average and the bottom of this channel that dates back to 7/1 of this year all converging in this area. In addition, all cycle indicators are at the bottom end of their ranges. Is see this lining up for a few days of slow to moderate movement as price flatens out at the bottom and gets ready for the next leg up. On the other hand, if Gold continues to move lower, we could see a breakout to the downside and the start of a new bearish trend. This is supported by the weekly chart. Notice how price closed the week below the midline, a very bearish sign. If a downtrend does continue, look for Gold to hit the Cyan BB @ 1276.4. This is my second Profit Target. In any event, expect fireworks on Wednesday, regardless of what the news is. Trade the event, not the actual news! Good luck and profitable trading!
COMEX:GCZ2016Short
by GoldBands
Maintain Gold Short - Bearish ChartYesterday, 9/12, saw continued downward movement in Gold futures. While that was good for my short position (in at 1341.8), I was concerned because of the gap up at the close of day (#1). But here is why I stayed short and didn't close my position (reference the yellow circles on the Stoch RSI and OBV). 1. Stoch RSI is is an obvious downtrend. 2. OBV continued lower and was still above the lower Bollinger Band. This confirmed that there is still downward movement in the current cycle. The combination of these 2 indicators kept me in the trade. I will be watching closely to see how the OBV reacts at the lower BB and see if we get more follow through to the downside.
COMEX:GCZ2016Short
by GoldBands
Main Chart Updated with Non-Correlated OBVI've added OBV to my chart as a non-correlated indicator. I did this because I wanted a volume indicator as recommended by John Bollinger. I've seen some people add a fast EMA to the indicator but I like how the Bollinger Bands show the extremes. I've highlighted 2 examples. 1. Classic Divergence - As price exceeded the lower bollinger band in the price fall at the end of August, you can see the OVB make a higher low after it crossed below then back above the lower BB. A nice long trade followed. 2. The first day after Labor Day saw gold have a huge day up. As price hit the upper cyan BB (Std Dev 1.0), the OBV also showed all the buying pressure. That signaled the end of the buying as OBV dropped the next day. You can see that it preceeded the Stoch RSI crossover by a day. GC
COMEX:GCZ2016
by GoldBands
Anantomy of My Chart and Overall Trading StrategyI want to take a few minutes and go over my chart and my overall strategy for trading gold futures. Bollinger Bands - I use 3 BBs, set to a standard deviation of 1, 1.5 and 2. I pay particular attention to when price pierces the red 2.0 band. I am also always aware of price in relation to the simple moving average, the orange line in the middle of the bands. As good as they are, BBs need to be used with a good cycle oscillator. This is critical to differentiate when price is trending and when price is reversing. For this, I use the Stochastic RSI. I have tried many oscillators but have found that the Stoch RSI, which is technically an indicator of the RSI indicator, works great with the BBs. My strategy is pretty simple. Using a daily chart, I enter a trade after price has pierced the red BB and then pulled back, looking for a reversal candle. But by itself, this strategy will create many false entry signals and that's when I turn to the Stoch RSI. For a long entry, I want the green Stoch RSI line to move above 20 and cross the magenta line. For a short entry, I want the green Stoch RSI to move below 80 and cross the magenta line. As examples, let me walk you through my logic for my last 2 trades. 12 days ago, price pierced the lower red BB (see arrow 1). This was the first sign that Gold was reaching oversold territory. But if you look below at the Stoch RSI, both green and magenta lines are clearly below 20 and are showing no indication of a change to an upward cycle. So no buy signal yet. The next few days had a mix of red and green candles but since the Stoch RSI was still below 20, I did not enter long. Finally, after 6 days, there were 2 solid green daily candles and the Stoch RSI moved above 20 with the green signal line crossing the magenta line. I entered a long trade at #2 at a price of 1324. I closed the long at 1344 for a 20 point profit. Now, there were 2 main reasons why I closed the trade. First, you can see that at #3 on the chart, price tried 3 times to move above the higher cyan line (1.0 Std Dev) but failed.You can see how the upper candle wicks poked above the cyan line. To me, this was a big sign of weakness. Second, the Stoch RSI green line hooked below 80 and crossed the magenta line. Not only was the price action telling me that upward movement was not going to happen, but the cycle oscillator was confirming this. I placed my stop a couple of points above the 20 period simple moving average and was stopped out. Just after closing the long position, at the start of the last day on the chart, I entered a short position using the same, but now opposite, reasoning. My entry price was 1341.8 and I am still in the trade. I hope this has helped explain how my chart is set up and my basic logic for entering and exiting trades. I look forward to your comments and questions.
COMEX:GC1!
by GoldBands
Gold taking a breather or is it exhausted?After a significant and a rather hasty run-up in the last couple sessions, April gold has formed what we traders like to call a Bearish harami type of candle in the last trading session. This does not mean the price is going to tumble back down like a lead balloon, but it is an important signal for a possible reversal short term or a more extended one. The first target of this reversal could be around 1200-1190 area. If it does not close below that level this could be a sweet spot to go long, if it does close below that level then this rally is another bear market rally and should look to short it. Either, way train your eyes to see price action and then determine your directional entry. A great trading opportunity is coming next week in this market, especially if you feel like you missed this past move up.
COMEX:GCJ2016
by Bullionite
Double Gartley pattern in Gold??If Two Gartley patterns can intersect, like they do on this chart, Then I think the second Gartley pattern is ready to give us a nice extension. The first Gartley pattern, starting at the end of June 2013, extended beautifully from late December 2013 into mid March 2014. This same extension leg (indicated by first red dotted arrow) is also the XA leg of the current pattern which if correct, is due to extend any time now. It could go a bit lower, but not below the X point at 1281.4 from Dec 31, 2013. We are very close. The second red dotted line shows the probable extension. It could go even higher.
COMEX:GCZ2014
by catherine.bath
2
Gold watchGold presents very interesting pattern on daily charts. There is a clear pennant formation on a downtrend. Pennants are continuation patterns. So a break to the downside could take this down to 1150 levels relatively shortly. There are fundamental aspects that would support this move too. With the US on mend and Euro area in tatters, strengthening on USD would be in order. That should take gold down. At this point it is wait and watch but one shouldn't miss this beautiful opportunity.
FX:XAUUSD
by Kaustubh
GC_F daily-Big reversal in Gold today but still in trading range* Price hit the extension of the neckline from last year's large head and shoulders pattern and reversed almost to the penny. * Price is still in a broad range area that may prove to be choppy. Trade the range until a trend is determined. * Until price can break above the neckline extension trend line or break down back below the red descending trendline there is no long term trend determined yet. Price is still technically in a downtrend.
COMEX:GC1!
by MaxxPayme
13