Only Gold!

it depends,from alltime high or lows of 2008

a middle under 9478 will be breaking a minor on hourly(next hour)

had closed one short in the low 80ish manually this Asian morning
2 shorts closed @ 1291
left with 2 shorts, SL on BE

glad this didn't fall but climbed well today.

Wish you all a great and green weekend!

PS: Longs been piling up, looks too hot to hedge.. would stay away from shorts (hedges) for a while.. happy to take this risk..

Gold is bouncing from 61.8 of the move up from 123x to 134x.

If it goes higher, we can look for various harmonic patterns. I just drew out 3 possible scenarios.

The fibonacci lines are all confluencing and it looks really good for a harmonic pattern set up.

I choose - the second (of three submitted)

Wolfwave

a break of 1306 >>>at least 50 dollars up in max. a month

1297 is critical

if crosses upwards convincingly then long with next TP 1305
if 1297 holds then short with target 1291

i hope this makes sense

I would love to see that too. Big profits if that happens

gold held its demand level through this week and I think it can only go up from here, silver on the other hand didn't quite reach its demand level however it may move with gold. Im targeting 21.5 and 1330 by the end of the month.

Despite the GDP being .9% higher than anticipated and generally good data the metals never plummeted past their demand zones. I think at this point its safe to say that gold and silver are going to do what they want regardless of what the market says. Even the lower than anticipated NFP wasn't terrible in a long term perspective.

In previous months this kind of data rocked the metals but not now. This being a thread about cyclical trading patterns vouching for bullishness in the fall months im siding with the idea that gold and silver are heading up up up this month with those previously mentioned levels as my monthly targets.

Additionally from what I can tell there are significantly more futures contracts starting in august than during the summer months, this may be an indicator to increased demand during the fall.

With the end of QE looming and the possibility of a climaxing stock market I think we will be hard pressed to see the metals return to lower lows.

2012 8.01 - 10.07 rally = 2000 + pips
2013 8.01 - 8.29 rally = 1000 + pips
2014 8.01 - ?.?? rally = ???? pips?

cyclical, maybe or maybe not. But from the last few years it seems August is usually a bullish month for the metals.

(its important to note that in 2013 from 8.01 - 8.09 gold fell ~400-500 pips before turning bullish for the month, this is always a possibility)

Just my 2 cents, although its impossible to determine the future with certainty this is how I will be trading.

closed all my shorts @break even 1293.5

Target achieved!

i hope you got out of it in profit as well.

Seems like Gold is the best thing to trade out of everything lately. I should really just focus on gold.

Hello all againi just as i expect all the move came at news time and nothin important 40min and market closes still holding my short after closeing all the longs @ market order now having one trade at the 1293.1 in the market will keep adding short if it gos up on monday after todays move now ill keep my eyes on the 1260-50 zone as a coming target next week (",)

We have a cup and handle ready for next week.

thanks brother,it was a pretty good day for me ...

Fridays chart shows the Gold/Silver decoupling..... Yikes!

i think we will see 1360 at least by the end of August and 1405 at least by the end of October

I'm with you on this assessment.

The 4hr is yet to reach my overbought levels in the trend. Imo the oscillator should BO on the topside going by previous levels. Looking at the (unconfirmed) H&S on the oscillator and PA's double top, if it turns down from here it could be a dramatic turn for the bears reaching daily lows again.