I read somewhere that China's banks and funds are all buying Gold to stick it to the USD, but the USD looks like it will weaken anyway. If you believe these reports, they say China won't stop buying Gold till it hits 2500. They say there will only ...

Gold

tonight normal time

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Don't be surprised if another new high is set in the last two hours of trading.

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The dollar is weak. That means Gold will be going up.

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Net long positions by the big boys continue to increase week by week. image With the dollar starting to weaken, and the current world situation, maybe Gold will take off upward this week?

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We're at a confluence of resistance here. We should be going down. image

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I don't believe there will be much of a drop in Gold this week. Gold is on a parabolic type move, probably because of the expanding war. I expect to get over 2000 and beyond this week, which means a big move up Friday (maybe after a few fake down ...

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Correct. This is the data of the non-commercials, the biggest speculators in the markets. Essentially hedge funds, the biggest players in the markets. So I guess you think these guys are out to lose lots of money...

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Just to update on COT data... The pullback this week was technically needed and allows for the big boys to add even more shorts. They have been steadily adding shorts and getting rid of longs for a while now. My view is still for another big move ...

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The big boys are still loading up on shorts. Looks like we will be going down much more. (this screen shot comes from a private membership site for those who wanted to know.) image

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Ok, I changed my mind after more analysis. The DXY does look like it will take off (up), thus bringing Gold down. Also, seeing the recent COT (Commitment of Traders) data, the big boys are loading up on shorts and dumping longs. This all points to ...

Gold

I'm going to disagree with most people here. I think we are set up for a big up move. Thursday's and Friday's daily pin bars are in a bullish form (I consider them inverted hammers). I think we are going up. image

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Just as expected. Could have a down move coming though when Wall Street opens.

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Yes. All the signs are pointing to a big up move at NFP release. My prediction is that there will be a big spike down to take out all (long) stops under 1929.5 area and to trigger shorts set up down there. Then the big up move will happen.

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I agree. There will be a lot of moves "down" etc. before ultimately breaking (and retesting) that neck line.

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Looks kind of like an inverse head and shoulders on the 4 hour. image Commitment of Traders released yesterday afternoon shows that most of the big boys are adding longs. image I think that once we break that neckline we will have a big up move.

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The rising wedge of gold, getting ready for the big down move. image

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Something to think about. The DXY has reclaimed an important level -- 102.50 and maybe a trendline break (depends where you draw it). There is still a gap for DXY to fill above and gold has that gap below around 1867. I think the DXY may be headed ...

Gold

Here is the Zig Zag. file file

V Pattern (Enjoy Your Sell)

Perhaps using the zig-zag indicator would make it easier to identify the V (or W). This AUDUSD Daily as shown a few posts above is also a W. The zig-zag also makes it easier to see when the original high is broken. Enjoy your sell! image

V Pattern (Enjoy Your Sell)