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Goldfutures

Gold - 1220 SupportWe have had 2 strong bounces off the 1220 area, with both bounces hitting above 1230. It must be noted that the level we got rejected at (1240), is the bottom of the past low we made in October. It appears that passing this level is the gateway to 1280. It will be interesting to see if gold even bothers retesting 1220 again in the next few days, rather than attempting to make new high. I will also be paying attention to grandma's speech today, and seeing if she strengthens the USD.
FX_IDC:XAUUSDLong
by GeorgeJimas
Gold DirectionAs I posted in my prior idea, I sold my gold position this morning when the DXY started to rally. I am still long-term bull with gold, however it is clear to me that this move wants to retest the 1220 area as this was significant resistance over the past few weeks. There's currently a bearish engulfing on the 1D chart, and the MACD is looking to test a break back down. Furthermore, the golden cross that we got this week, looks like it wants to retest the 100 EMA. I am currently holding a short position from 1237, and will be looking to re-enter long off a bounce from the 1210-1220 area. Gold still has bull momentum, and is still within the trend-line (both price and RSI). On top of that, the Fed isn't going to raise rates in March, so my long-term opinion on gold hasn't changed.
FX_IDC:XAUUSD
by GeorgeJimas
8
Gold - Cup and handle continuedSo it looks like my cup and handle idea played out well. We are making higher highs, and lower lows, which is very bullish for gold, yet we are having resistance at the 100 EMA. Once this is cleared, we should move up rather quickly. I believe with 99.99% certainty NFP will beat tomorrow, which will cause an initial drop in gold, but due to the fact that gold rallied after the ADP numbers, and the fact that the two reports are so closely linked, I believe this drop will be bought up before close.
FX_IDC:XAUUSDLong
by GeorgeJimas
Gold 1M outlookI thought it would make sense to look at the 1M chart in order to analyze gold for the longer term, based on a purely technical analysis. The orange bar has become a resistance level since 2011, and this trend has held up to now. With that being said, both the RSI and MACD bottomed out in 2013, yet we've seen consistently lower prices since then. We also seem to have started a new bull RSI trend since this bottom as well, hitting higher lows on the RSI for each drop in price. We look towards 2017 as the year we can finally break this orange trend-line established over 5 years ago, as the RSI and MACD are pointing us towards another re-test. I will not only be watching the $1200 level (which has been a key transition area for years), however I will also be watching the $1270-1300 level, as this would be the retest level for the orange bar.
FX:XAUUSDLong
by GeorgeJimas
1
BULLISH DIVERGENCE IN GOLDI believe there is currently a strong bullish divergence in the RSI and MACD. My TP is 1250$, and I will re-evaluate gold when/if we get to that level. We are currently making higher lows in both the MACD and RSI (while the price decreases), which leads me to believe we will see a strong up move in the following days. My advice is to avoid listening to the gold chat too much, as people will claim 1000$ if we drop 1$, or 1400$ if we go up 1$. I would also advise to avoid listening to people who do not post charts, yet seem to be spamming the chat with nonsense all day, or the people who post charts, but continue to change their opinion/strategy every 10 seconds. There are a lot of people on here who provide advice based off their current position (their own interests), so be careful when following others. Follow your strategy, and stick to your chart. Goodluck.
FX_IDC:XAUUSDLong
by GeorgeJimas
2
GDX - POTENTIAL DOUBLE BOTTOM - IS IT ROCKET SHIP TIME?I believe a double bottom has formed at the 22.50 level. This could lead to a potential boost to 26 over the next few weeks. We have seen a nice bounce off this level in the second week of October, and have been progressing well a long the daily bullish trend-line. Unfortunately, miner equities and ETF's have been selling off with the recent equity sell-off, and it's gains have been capped. I believe that as long as gold remains bullish this week and bounces over 1280, we will see the GDX take off, and it will decouple from it's relationship with the other equities, and lean more towards it's relationship with gold.
AMEX:GDXLong
by GeorgeJimas
3
THE GOLDEN CHANNELI went long on miners at points A, and B. I have been using this channel since October 24 to help analyze whether or not to add to my longs, or if we would drop to my second trend-line. Based on the help we received from Clinton today, and the fact that we closed over 1275, I believe the lowest we will see next week is 1268/69 (this is based on my trend-line, and RSI ticking up). I do not believe we will close below 1270 all week, and I think 1290 is a realistic target. (this is of course unless the Fed decides to raise interest rates in November, which I think is highly improbable). I also do not foresee us dropping down towards the second trend-line unless NFP is very strong (which I also believe will not happen). I believe Bulls will have the momentum for the upcoming weak based on how this week ended (close over 1275), and I feel that the Fed and the NFP report will help solidify their grasp on the week.
FX:XAUUSDLong
by GeorgeJimas
GOLD CRITICAL JUNCTIONI don't trade gold unless it's extreme high or extreme low for long term holdings. But just would like to share my charts with gold bug traders so that they know where they are trading. Move extremely cautious if your are long as PRICE is approaching the solid RED resistance line. If you want to go long then let it break. Also this is a monthly chart so don't know you have the nervs to wait that long. If you wanna make some quick bucks then go short once hits red zone.
AMEX:GLDShort
by sum1