If you were in on the trades I issued, you would be sitting on some MASSIVE profits already! BUT don't despair! Right now, Gold is setting up another MASSIVE opportunity but you must be PATIENT or risk taking some BIG drawdowns!
In the above 2 charts I am showing you here, you can see that Gold is at the moment making a retracement of the previous drop which we caught for BIG profits! It broke a long standing STRONG MAJOR uptrend line (blue line) during that drop and has yet to retest it. Much more often than not, a market will retest broken MAJOR resistance/support areas such as a trend line before continuing the trend again. This is the old "support becomes resistance and vice-versa" adage. And that is what Gold is doing right now, heading back up to retest that broken trend line. Now it may NOT get all the way there OR it may get there and even break back over it briefly. No one knows for sure. We can only be PATIENT and wait and see. Now ISN'T right to go LONG even though I fully expect it will still move higher. NO! According to my analysis, going SHORT is the only thing to do!
If it should drop, it should drop down enough to complete a POTENTIAL Cypher pattern (green) as you can see on the Daily chart on the right side. But if you REALLY want to make BIG profits on Gold, PM me or see my signature below.
How high are you expecting gold to go before shorting it? 1345?
No_structure
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Sound Crazy. 2018 is the year of the bull.
EverythingForex
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@giuseppe.grande, actually, its the year of the dog. I'd welcome your chart analysis to see what makes you think it is just going up and not down. And by the way, I'm not suggesting that it isn't heading higher in 2018. but my analysis suggests for at least the first quarter or half, its headed down
@EverythingForex, gold is correlated with the Aussie/dollar, so a further decline will probably negate the bullish sign. I think we are at a pivot point.
No_structure
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@EverythingForex, USD/ZAR collapsed yesterday. I think this is one of the most important sign to follow to understand what gold could do in the future.
Same historic situation of 2002.
No_structure
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@EverythingForex, Also NZD/USD is ready. but people see a major decline coming forward. what do you think?
No_structure
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@EverythingForex, Also a BIG bullish pennant on XAU/JPY and 2018 look very promising. So i am not surprise to see gold above 1400.
EverythingForex
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@giuseppe.grande, so your assumption is all based on correlations? If so, the pair that Gold correlates MOST with is USDJPY and the DXY. It goes up. Gold goes down. Into first part of 2018, the dollar is looking very bullish. Gold goes down. But regardless, I do not base my analysis on ASSUMING any correlations. If you go into that rabbit hole, you have A LOT of correlating to do with MANY different pairs and instruments. NOt as simple as matching it up with just the 3 you mentioned. My analysis is NOT based on correlations but just simply reading what the charts are saying. Not that I totally discount correlations but that is NOT my main focus when analyzing charts. "Trade what you see". Heard that before? That is what I do and not based on assuming this pair will do this and then that pair needs to do that and then another pair has to do this in order to determine what Gold will do. Wave counting, patterns and price action. Simple. I stick with my analysis that we will see Gold head down. I am SHORT Gold. I'm guessing you are LONG? Well, good luck to you.
Incidentally, I am not a Gold bear. I am actually seeing Gold reaching for the stars. Just not before it takes a dive.