Here we can focus on the realms of reflationary risks that are around the corner, the struggle to shake out bulls is identical to the struggle we saw in 2016 which is reassuring, and for that reason our problem is reduced to a timing issue.
For those tracking the previous diagrams in Gold it is obvious in USD terms both on the Weekly and Daily.
Weekly:
Daily:
What is surprising is that the boat is still not fully loaded which is quite unusual to see this late in the game. The swings otherwise always appear as waves which are being defended and the defender is always assigned to a direction! Very true; but waves in a macro trend are swings of more importance. So it should seem relatively normal to treat them with full sizings and extensions.
Here is clearly a strong move in miners, though it involves the sharp threat of capitulation for bears. Which would make things much easier for trading XAU:
On the other hand there is also risk from 2's 5's:
Bears will have to overcome the entire flow which is now ready to continue marching forward towards the targets. For those tracking the end of year positioning flows for 2020 Q1, reflationary risks are around the corner!! After months of choppy waters , finally bulls are emerging from beneath the woodwork as we begin the flows towards 1650. I stick to my average forecast of XAUUSD $1650 and expect Gold to hit $1595, $1650 and $1800 on a 6, 12 and 24m basis. This is my final target in the 5 wave swing, afterwards I will expect Gold to enter in consolidation via profit taking.
Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
For those tracking the previous diagrams in Gold it is obvious in USD terms both on the Weekly and Daily.
Weekly:
Daily:
What is surprising is that the boat is still not fully loaded which is quite unusual to see this late in the game. The swings otherwise always appear as waves which are being defended and the defender is always assigned to a direction! Very true; but waves in a macro trend are swings of more importance. So it should seem relatively normal to treat them with full sizings and extensions.
Here is clearly a strong move in miners, though it involves the sharp threat of capitulation for bears. Which would make things much easier for trading XAU:
On the other hand there is also risk from 2's 5's:
Bears will have to overcome the entire flow which is now ready to continue marching forward towards the targets. For those tracking the end of year positioning flows for 2020 Q1, reflationary risks are around the corner!! After months of choppy waters , finally bulls are emerging from beneath the woodwork as we begin the flows towards 1650. I stick to my average forecast of XAUUSD $1650 and expect Gold to hit $1595, $1650 and $1800 on a 6, 12 and 24m basis. This is my final target in the 5 wave swing, afterwards I will expect Gold to enter in consolidation via profit taking.
Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
Trade closed: target reached:
TP 11,000 hit!
