Gold has been setting up for a long time, and now seems to be ready to move. We're holding long positions in miners and CFD/futures for a while now, with our break even levels way below the long term stop loss, so I'm looking to add more positions in the short term, next week. XAUUSD daily shows an opportunity, ideally on dips as depicted on chart. Monthly will confirm a huge rally for 16 months, which would be part of a still active 18 year bull market in gold, which will culminate by 2021 according to long term charts. So, any major setback in gold would present a buy opportunity for long term traders, until then.
That said, the current trend looks explosive, and has caught most technical traders and long time gold bulls off guard, they turned bearish recently, mainly trying to justify missing out, by claiming gold had to retrace...in reality, they were only expressing their desires, cause they missed the bottom in gold this time. Very interestingly, we found the bottom in gold when news came out of long time goldbugs switching holdings for Bitcoin at the major physical gold sites like goldmoney or others, as well as news of many of these sites now accepting and trading cryptocurrencies. Major props to Tim West, for his excellent break down of signals in gold. He's been bullish on it all along, and rightly so.
Best of luck, hodl!
Ivan Labrie.
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XAGUSD has gigantic upside if we do confirm this monthly signal here: Daily is encouraging, similarly to gold.
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Historical moment...if we hold up over this level, we will probably continue to surge gradually - XAUUSD chart
@IvanLabrie, so oil could top at wide range between 75-90 with that pressure? I think that we are near a correction of oil to 50, then a big run to circa 90 and then depeding who will produce the recession, either US or Ex-US, the DXY will run and then commodity cycle will crumble or DXY will fall back to 72 and the commodity cycle will run for a couple of year. Thanks
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RustyRue
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Do you expect something similar to happen for silver?
IvanLabrie
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@RustyRue, yes, I hold long term positions in silver as well.
SJWTradingNI
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Thanks ivan! Are we looking at a HH on gold LT?
IvanLabrie
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@TA-trade, Welcome! If we were to make a higher high, it would create insane euphoria...I don't know if it's possible.