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  • #13,461
  • Aug 6, 2014 7:11am Aug 6, 2014 7:11am
hi every one . here is my wave structure and projection for gold.
in my opinion chart is in a major bottom.
Attached Image
  • #13,462
  • Aug 6, 2014 7:16am Aug 6, 2014 7:16am
Quoting waleed.khan
{quote} Yes...but rationality often escapes the markets The way I am seeing this is: From a technical perspective yesterdays spike up was just designed to take the weak shorts out of the market... Right now price is channeling in between Fib values... As of this minute price is on the 50% Fib line (could swing both ways); but then if you look at the bearish shooting star on the 1 hrly from yesterday; you will notice that price has retraced only 61.8% of that (hence potential downside)... So I guess it is fair to say technically we are stalemated;...
back to rationality maybe ?
thank you for your thorough explanation of your perspective on the market. always a pleasure to read your posts
  • #13,463
  • Aug 6, 2014 7:21am Aug 6, 2014 7:21am
Quoting selcuklu
hi every one . here is my wave structure and projection for gold. in my opinion chart is in a major bottom. {image}
too much speculation for now..
US recovering will make us more of a safeheaven than gold. i can see the 1400 top of your 1st wave happenin in fact is one of my tps on my recent long.

Apart from that i think we lack volume to get to those numbers again unless europe colapse becomes more eminent again
  • #13,464
  • Aug 6, 2014 7:23am Aug 6, 2014 7:23am
Quoting bonnzi
{quote} back to rationality maybe ? thank you for your thorough explanation of your perspective on the market. always a pleasure to read your posts
thanks!

something had to give; although volumes are til disappointing; plus rsi on the hourly is close to be overbought...gonna keep a close eye on the hourly candle close!
  • #13,465
  • Aug 6, 2014 7:26am Aug 6, 2014 7:26am
Even after the breakout, the yellow metal is likely to re-test $1290 levels following the same pattern of Breakout-Breakin on July end.
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  • #13,466
  • Aug 6, 2014 7:26am Aug 6, 2014 7:26am
I just shorted the gold @ 1297.90 (",)
Senior Trader Multi-Account Manager
  • #13,467
  • Aug 6, 2014 7:29am Aug 6, 2014 7:29am
It has started. ppl moving earnings from futures and stocks into metals. typical august trend. i wont even bother worrying about trade balances and enployment data. doesnt matter for this month
Be careful now not to get caught up in shorts because this might squeeze a bit
  • #13,468
  • Aug 6, 2014 7:31am Aug 6, 2014 7:31am
Took profit on 3 longs I have at 1284 levels. looking for another buy opportunity at around the same levels again. 5 longs at 1304 levels still waiting for golden season rally.
  • #13,469
  • Aug 6, 2014 7:35am Aug 6, 2014 7:35am
gold is flying up,dont close your longs at any price
  • #13,470
  • Aug 6, 2014 7:36am Aug 6, 2014 7:36am
gold closed, moving all margin into silver the gold silver trend needs correction silver spike is yet to come. 7% next 2 weeks for silver usd enjoy free moneeey aha
  • #13,471
  • Aug 6, 2014 7:37am Aug 6, 2014 7:37am
Quoting Windstrown
{quote} too much speculation for now.. US recovering will make us more of a safeheaven than gold. i can see the 1400 top of your 1st wave happenin in fact is one of my tps on my recent long. Apart from that i think we lack volume to get to those numbers again unless europe colapse becomes more eminent again
thanks Windstrow

but an elliotician never thinks fundamental analysis . there is only price and wave structures when labelling . therefore i labeled the chart without thinking fundemantal .
  • #13,472
  • Aug 6, 2014 7:37am Aug 6, 2014 7:37am
One more short has been taken @ 1302.68
Senior Trader Multi-Account Manager
  • #13,473
  • Aug 6, 2014 7:38am Aug 6, 2014 7:38am
right direction (I am about UP)
where are we? we are here. where are we going? ...
  • #13,474
  • Aug 6, 2014 7:38am Aug 6, 2014 7:38am
Quoting wafiqsalameh
gold is flying up,dont close your longs at any price
Flying for no reason despite good US data.....
  • #13,475
  • Aug 6, 2014 7:39am Aug 6, 2014 7:39am
Quoting lorix
One more short has been taken @ 1302.68
u better take aspirin hhhhhhh
I recommend you read something else as this sentence is now concluded.
  • #13,476
  • Aug 6, 2014 7:40am Aug 6, 2014 7:40am
daily resistace has been broken as expected,you short you loose ,you close your long you loose
  • #13,477
  • Aug 6, 2014 7:42am Aug 6, 2014 7:42am
Gold Holds $1,285 And Finds Some Buying Interest
Wednesday August 06, 2014 08:19

The specter of the UN’s warning of a possible Russian incursion into the Ukraine created some overnight safe-haven buying out of Europe. Although still a remote possibility, Russia has amassed 20,000 troops on the Eastern Ukraine border and the possibility of a more serious issue in that region has offset the general strength in the U.S. dollar, a negative event for the gold price. The $1,285 support continues to show good resilience and the bulls may wish to test the upper end of the recent range of $1,294, with a look at $1,300. Equities also continue to show continued signs of weakening, which may also create some capital deployment into the commodity sector.
  • #13,478
  • Aug 6, 2014 7:42am Aug 6, 2014 7:42am
Quoting lorix
One more short has been taken @ 1302.68
Lorix you may be on to something, but to be honest that is such a risky move when we just broke a shorterm bearish trendline and are in the begining of a bull seasonal spike.. just saying ofc.. i'm no expert i hopu we both succeed aha
  • #13,479
  • Aug 6, 2014 7:43am Aug 6, 2014 7:43am
1318 or higher today only
  • #13,480
  • Aug 6, 2014 7:43am Aug 6, 2014 7:43am
Quoting wafiqsalameh
daily resistace has been broken as expected,you short you loose ,you close your long you loose
golden words
where are we? we are here. where are we going? ...
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