GoldAddict

GoldAddict

Gold has taken a break from its big move up in May and June....Now it has gained the energy to continue higher....I expect a breakout of the pennant to finish up Leg 3 of the Elliot Wave impule move....The next stop is $1500...Fed will lower rates and that will be the catalyst...Im long gold..

GoldAddict

After the Fed meeting, gold had a small gain....Once the Asian session opened Gold shot up like a rocket....I have a feeling that the USD may lose a lot of value quick here....This will push investors into Gold....Bonds are not Yeilding enough for the risk in these broke governments that are all about to commence a new round of stimulus....Global economy is in the...

GoldAddict

Now that the cup and handle formation is complete, and gold has clearly broken through the red resistance line as seen on the chart, the next thing to happen is to test 1380.... The 1380 resistance has been a strong over the last few years....Breaking through wont be an easy task.... I think that a an interest rate cut of over 50 basis points will be needed in...

GoldAddict

Gold made a very big move up in a very short period of time...It has been a few years since gold has had a move this big and this fast...The Federal Reserve has no choice but to lower rates at this point...If the Fed doesn't announce a rate cut in the next Fed meeting the markets will crash hard the day of the meeting...once there is confirmation that the Fed is...

GoldAddict

I have been posting this Idea for a long while now...Looks like my assumptions were correct...the assumption that gold would turn bullish as soon as the Fed capitulates...Looks like a rate cut has been priced in...Markets have figured out that talk is no longer going to be enough to prop up the markets...the markets need a rate cut in order to maintain new...

GoldAddict

Gold has now broken down out of the elliot triangle wave. I Gold to continue with a downward channel for a E Leg down from the Longer term Elliot Triangle wave toward the Lows of late last year. I will post an update to show that possibility. This is short term bearish. In the longer term it still needs to be confirmed if Gold is going to break up or down out of...

GoldAddict

I have been following this pattern for about a month now...We are beginning wave E of the Elliot Triangle Wave...Gold needs to bounce off the red support line in order to have a chance to break out of the triangle for a bullish move to higher highs. If gold breaks below and closes below on the daily chart without re-entering the triangle this could change the...

GoldAddict

Since my last couple of posts we have had a few updates that are important to the future price action of Gold. President Donald Trump came out a few days ago with a statement regarding monetary policy. He said that the Federal Reserve should lower interest rates because they are going to hurt the economy by continuing QE. He also thinks that we should be doing...

GoldAddict

GOLD is still in sideways consolidation. This shows that the bulls have been taking a break from the big move up in the last couple of months. I expect Dovish Federal Reserve decisions to give GOLD the fuel to push up and continue the move higher breaking out into multi year highs. The fed has capitulated, there will be no rate hikes. The market already knows this...

GoldAddict Updated 

Gold looks to be consolidating further to complete the cup and handle formation. Expect short term downside forming the wedge handle. if gold breaks out of handle, its time to go long. In the meantime be patient and keep an eye out for an opportunity to make a nice profit on the breakout. If falling wedge breaks below .5 Fib, this chart is no longer valid. A cut...