ChartFood

10:44

ChartFood

Quick morning stream on gold

ChartFood

Gold seems like it wants a break as it sits on the support going back to 2011' ... After this big drop I have to believe some kind of correction is possible, 382 usually being the standard. 681 possible?

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I believe the S&P 500 will squeeze here up to the 236 - also if you look you can see the moving averages acting as resistance there. once they get to the resistance, I believe we will see a lower low..

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I think that the US dollar will continue to rise and if you look on the chart it looks like we have broken out of a pennant or flag of some sort. We will be reaching the bull extension on the Fibonacci retracement I pulled. This would make sense if rate hikes are going to continue and also coincides with a lot of peoples view that bitcoin and maybe even...

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A seemingly h/S and you can see the 233 sma waiting below. Also, rising wedge is broken.

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I believe this move back up will retrace to the 618 just pass the POC to right. I am only targeting slightly pass it because of the fib 618 being farther. Also, oscillators favor the move.

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I posted an idea recently for a short that I called a bit too early but since then gold has hit a resistance level that bears are now selling back into support. very likely we will hit 1956 and maybe possibly even 1930 but 1930 is not likely IMO I will update as appropriate but I feel pretty good about 1956 … happy trading.

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The bad news is: I see lower coming in equities. The good news is: There's potential, for if price does fall, we could have a potential IHS. I will be watching and planning next week off this view.

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Price seems to be wedging as it heads toward the 618. I am think ing a range retest. Pure technical analysis. Time will tell. Happy trading.

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1940 1920 I see some bearish pressure on price and am looking at significant levels below. Those are the 382 and 618 fib. I'm not exactly confident about the 618 getting hit just yet, but I am making it known that it I believe it is in Bear's range. Happy trading

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Silver seems to be retest a fall wedge break. The 382 rejected price and I now believe the 236 is next. Gold seems to be weak as well, but time will tell

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Bitcoin seems to be heading down to 38k. The signal for me would be the 382 fib breaking. The 618 would come next.

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I still see the possibility of a squeeze coming for Gold. Pushing off the fib fan. 618 is still at 1912 -- take not of that. But above that, bulls may have a chance at a good squeeze.

17:02

ChartFood

Why hasn't gold reached my target

ChartFood

Future targets upward are 245 and 291. Fib targets above. Also, notice the gap

ChartFood Updated 

Gold is still ranging a bit and needs to fill to the top of the range. You can currently see 236 buying up to the 382.

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Yields have hit resistance and Bonds are showing potential strength. Here's $TLT at a bear extension to 1.272... A possible buy point.

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My personal trade strategy would be to not short this but to take profits on longs and buy dip. Refer to linked gold ideas for context on my stance: