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Jnug to Gold Great run BUT!!Spot God Daily Chart What a run! So I am currently having a dilemma. How much higher do we go? I am pretty sure that tomorrow is a miss on the jobs report. I am estimating 155,00 - 160,000. I came up with that estimate after using and reading a report written today on seeking alpha. That report has two bar charts. You can see where I came up with that number range. Currently we are bull flagging. It can be seen better on the 4 hour chart. I think with the jobs report miss tomorrow, we should push through 1186 and at least reach the 38% Fib of 1193. There is the problem for me. Do we continue or reverse course. I think we reverse course for Wave 5 down. If you zoom out or look at my last post you will see that I think we are in a wave 4 downtrend and should only retrace 38% or slightly more as wave 2 retraced over 50% or 62% depending on where you start wave 1. So hopefully tomorrow we might get a better understanding on where we are going to go. But I am expecting miners to reverse after am early morning push higher, just like last Friday. That is just my opinion. I will post my miners chart next.
FX_IDC:XAUUSDShort
by SalN
3
Jnug to Gold January 2nd 2017Gold Daily Chart first I decided to start off with the Spot gold chart first this time. I do not believe that gold is finished going down yet. Im talking about maybe one more day down. The reason I am thinking this is that we are, in my opinion, in a wave 4 correction.. If the wave 2 correction retrace approx. 61% then this correction should be around 38%. So I left the Fib retracement up to show you what I mean. I also left up the purple channel to show where we are. If spot gold breaks out of that channel then that might change things. But as of right now, we are still in a bear channel. So I am thinking that the most likely scenario is that we make it up to 1186 on a micro 3 wave move. If that is the case and A=C, then that would probably have gold bouncing off the 20 DMA or 10DMA before proceeding up again. After that, a little chop as the arrows show and then it looks to me that we begin wave 5 down. However, miners on the other hand appear to be finished with all 5 waves. maybe I am looking at it wrong but I will post gdxj to show you what I mean in a second. miners bounced off the top of the channel and is now moving down with gold. but if in fact gold needs to move up more like I described above then miners will break out of the downward channel during this cycle. I will post miners charts next
FX_IDC:XAUUSD
by SalN
Gold - Is dollar correcting or impulse not complete?I have another chart for DXY but want to also watch gold's higher TFs, as I trade lower TFs. If the dollar is starting an ABC correction, gold should see a bull so I want to watch these fib areas. If the dollar is not done, I'll trade accordingly. I currently have a 4hour harmonic short (see below) but we'll have to see how traders/market wish to start the year (China is a different story and one I know little of so being careful in US after hours. I also show fibs if gold turns bear and passes it's 1122 low to 1.618 (and the something strange 1.732) I'll expand the lower TF areas below. Again, not a trade, just areas I'm watching.
FX:XAUUSD
by AlphaDreams
Jnug to GoldDaily Chart I think that we possibly bottomed (for the short term) for Jnug on the 20th. That would be a little over 30 days to end another left translated cycle. I think we could possibly get close to retesting the $3.80 level before starting a little two week pop. Evan though this does not look like a big move on the chart, It is actually quite a bit. IF we were to move from $3.80 to $6 then obviously that's a significant percentage. However, the first big resistance is at approximately the $5.27ish range. As you can see, we gapped down through that level. So once we get there, I think it would be a good idea to look at buying volume to see if it is subsiding at that point, just like selling volume has been subsiding. I am going to wait to see how this moves on Friday and possibly buy in on Friday or the beginning of next week.
AMEX:JNUGLong
by SalN
1
DAILY GOLD *IF* WE HAVE ALREADY STARTED A RETRACEMENTAs usual, I like to post what I am thinking, seeing and want to know and remember while trading lower time-frames. Timing might be off, though we fell quite fast, but here are some fibs I'd be watching if it turns bull. It would have to breach 1150 to the North for me to consider bull. Also, the moving averages would have to agree on what ever time frame I'm trading. These days, 4h since I am busy during the day and need more time in between trades (having an 8 month old child will do wonders to your free time). Note, I am still holding shorts based on the same technicals here on daily but on the 4h time-frame along with some standard RSI.
FX:XAUUSD
by AlphaDreams
Jnug to Gold Italy Vote WeekendDaily Chart I think that that was a great sign on Friday, Jnug up strong even in the wake of multiple days of great economic data. We broke out of the wedge and should move up with the Italy vote. But I think we will only reach around the $8.90 range before a little pullback. Then up hard to the second oval. At the end of the week or over next weekend we might hear a ruling from the British Supreme court about there decision for the Brexit. There are some other significant events that will also be coinciding with the later part of the week into early next week. Should help move gold and Jnug up. The 50 DMA (BLUE) should meet my price target about that time. And we should peek just above it. Hopefully we have a good couple of weeks.
AMEX:JNUGLong
by SalN