calkusi

calkusi

The move up in gold was too fast and too steep. A correction was needed and anticipated by the market. The correction is not yet complete. Levels to watch: 2420 2422 2408 2419 2405 2409 2401 2406 2391 2401 2387 The path is marked

calkusi

The sharp move down in favour of silver started 9:39 AM today (17-May-2024). There's a good chance for a similar move during the remaining session and continuing early part of next week.

calkusi Updated 

Fib projection off today's move against possible retrace suggests continued move to 79.374 level in next few trading sessions. The downward trend line appears to suggest the same with a downward sloping bearish pennant.

calkusi

That is if the current 1.90 support level is broken.

calkusi

That is what the monthly chart is suggesting if support at 82.6 breaks.

calkusi

Slope of XAUUSD is too high if it falls below that slope then price action will come down between 2213 and 2241.858 for some more consolidation before another move up.

calkusi

XAUUSD yields to DXY so trend-based fib extension and fib-time along channel suggest next high will be 15-May-2024.

calkusi

Dow has to come down lower and Gold has to move higher between now and then.

calkusi

There may be a high before that but not one that breaks the recent one.

calkusi Updated 

Jim Willie says DXY is 50% Euro weighted with the rest IMF currencies. The Euro is toast especially if France folds.

calkusi Updated 

Well, there is the Debt Ceiling that can be avoided if the Treasury reprices gold from $42.22 to 1584/oz to create a few hundred billion USD in spending power without raising the Debt ceiling. Of course, the Treasury can have the commercials naked short gold to $1584 from the current $2014 to create even more profits. Why $1584/oz? There is a descending trend...

calkusi Updated 

With 13-Apr-2023 projection failure, the new projection appears unrealistic even with the slam that occurred 14-Apr-2023 to 17-Apr-2023.

calkusi

Two projections are suggesting Gold/CAD will be at 3052 31-May-2023. The first projection is from 1-Oct-2018 on the weekly scale. The second projection is 31-Oct-2022 on the daily scale. Trend-based Fib extension (8-Mar-2023, 17-Mar-2023, 21-Mar-2023) has 1.618 projection at 3054.

calkusi

Trend line from 3-Nov-2022 with XAUUSD at 1627 through 3-Feb-2023 at botom of BB near 1865 and on to 2074 13-Apr-2023

calkusi

If PA remains above LSMA 50, XAUUSD will continue higher