Gold Price - Where is it heading?

[Sean K]

Gold still coiling, waiting for a decision point to make a trade one way or the other.

Short term breaking down 800 is a short, upside 805 a long.

Medium term you can see the general S&R levels.

My hunch is it's going down for some reason even though the Fed is going to drop rates.....so my 'hunch' is probably wrong. I'm sure EW has the answer...

 

[DreamSciTech]

Hi barrett

Thanks for your comments, however I check the data, which shows that the blue line was going up in the time you identified. I attached data.xls for your interests.

You can download our data on this chart as well as Dow Jones, and other indexes from our site

dreamscitech.com

 

[wavepicker]

Hello Dream,

Your approach seems to incorprate a Detrended Centered Moving Averages by the look??

Cheers

 

[Nick Radge]

In my experience, large triangles, such as we're seeing here, that form after a parabolic rise tend to fail to the downside as opposed to the trend-continuation theory.

From an Elliott Wave perspective, we've now got the wave-A and -B in place. Wave-C tends to unfold in 5-waves of which we may have -i and now -ii. Any move above $839.50 (basis Dec) would invalidate and any move below the lows of earlier this week suggests wave-iii is unfolding and puts us on course for the targets discussed in post #2309.

 

[DreamSciTech]

Hi, Wavepicker

Thanks for your comments, sorry, I even do not know the Detrended Centered Moving Averages, and am now trying to use the google search to find its meanings.

On the other hand, I have my consideration. I think that one problem in stock type analysis is that we cannot find the clear pattern, thus we have to transfer the stock data into another domain, for example, moving average domain, wave theory domain, etc. to find the pattern. In my case, I did not transfer the data into any well-known domain, which does not calculate any average.

For your interests, I post another chart on silver, and you can download all the data from http://hongguanglishibahao.googlepages.com/ for comparison to determine whether there is Detrended Centered Moving Averages.

Have a great weekend

dreamscitech.com

 

[bean]

The chances are good that the US GOLD Indicies have put in a bottom.
Confirmation will be if they move up over next few nights.
They broke below medium support on wednesday night. Last night moved them partly back in. So a rise is needed for two night for them to break out and start next leg up.
POG would need to confirm

 

[ithatheekret]

I was thinking about gold and whether it had bottomed since the decline start that has been underway . As stated before I have $880 actually the area in my box is $870-$880 , for the first peak to be knock around , after that is $910-$920 , I won't state the next leg for fear of laughter ...........

But whilst these targets are perused bi-weekly , I am a little perplexed by the actions in the Copper / Gold ratio .

It has had me watching momentum , something I've learnt to do fanatically with forex , and I must state that I believe the weakness is not over , even though we have had a small spurt , which fell back a just over a fiver .

I hope the bugs don't get me wrong here , but I'm a bit of a bear at present , the price action being the catalyst .

I have $770 as an important area to watch and we are very close . A good hit below that could see $700 come into view quickly , the opposite direction has $810 to tackle . It also brings out my arguement on volume as an indicator , because the volumes going through have done nothing for the price action .

Having stated that I am bearish at present , it should also be stated that I believe this to be a bump along the road to that $1k zone .

 

[Whiskers]

Just looking at this on the weekend again, on the weekly chart that has got to be so close to rolling over to a sell signal. I am having a lot of trouble imagining that staying a buy this week.

The daily has been a sell for the last week or so and for me seems to be struggling to keep momentum.

 

[GreatPig]

A possible head and shoulders forming on the GOLD stock now?

Cheers,
GP

 

[ithatheekret]

If it could put on another $6-$10 and close above $810 , currently $795ish , I would see a happy koala , let's just hope POG hasn't been chewing the leaves to find itself without a branch when NY opens .

 

[explod]

If it could put on another $6-$10 and close above $810 , currently $795ish , I would see a happy koala , let's just hope POG hasn't been chewing the leaves to find itself without a branch when NY opens .

Well on the way, gold as I write is US$810

However the more dramatic indicator to me is silver. It is finaly showing bullish signs which leads gold on the major moves:-

 

[Sean K]

Gone long on POG break through $805. Look at more on break through $820 ish, initial stop $800.

 

[Kauri]

Gone long on POG break through $805. Look at more on break through $820 ish, initial stop $800.

Hi Kennas,
was going to post something relevant I thought, but it has slipped my mind at the moment...
Cheers
...........Kauri

 

[Sean K]

Hi Kennas,
was going to post something relevant I thought, but it has slipped my mind at the moment...
Cheers
...........Kauri

You've just gone short? LOL

 

[wayneL]

Hi Kennas,
was going to post something relevant I thought, but it has slipped my mind at the moment...
Cheers
...........Kauri

LOL, almost Goldwynesque

* “Keep a stiff upper chin.”
* “In two words: im-possible.”
* “Don’t turn it into a flop!”
* “Gentlemen, include me out.”
* “They stayed away in droves.”
* “Let’s have some new clichés.”
* “There is a statue of limitation.”
* “Tell them to stand closer apart.”
* “Gentlemen, listen to me slowly.”
* “That’s our strongest weak point.”
* “A hospital is no place to be sick.”
* "Elevate the cannons a little lower"
* “Modern dancing is old fashioned.”
* “The harder I work the luckier I get.”
* “I read part of it all the way through.”
* “Flashbacks are a thing of the past.”
* “You fail to overlook the crucial point.”
* “I paid too much for it, but it’s worth it.”
* “I have been laid up with intentional flu.”
* “God makes stars. I just produce them.”
* “Our comedies are not to be laughed at.”
* “He treats me like the dirt under my feet.”
* “You’ve got to take the bitter with the sour.”
* “A bachelor’s life is no life for a single man.”
* “If I look confused it’s because I’m thinking.”
* “That’s the kind of ad I like, facts, facts, facts.”
* “What we need now is some new, fresh clichés.”
* “This makes me so sore it gets my dandruff up.”
* “What nerve. Not even a modicum of originality.”
* “You’ve got to take the bull between your teeth.”
* “I had a great idea this morning, but I didn’t like it.”
* “It’s absolutely impossible, but it has possibilities.”
* “Never make forecasts, especially about the future.”
* “A wide screen just makes a bad film twice as bad.”
* “For your information, just answer me one question!”
* “For your information, I would like to ask a question.”
* “Give me a smart idiot over a stupid genius any day.”
* “A verbal contract isn’t worth the paper it’s written on.”
* “Every director bites the hand that lays the golden egg.”
* “Plenty of room for a tiny brain and a huge ego, though.”
* “Don’t worry about the war. It’s all over but the shooting.”
* “Can she sing? She’s practically a Florence Nightingale.”
* “If I could drop dead right now, I’d be the happiest man alive.”
* “The trouble with this business is the dearth of bad pictures.”
* “Don’t pay any attention to the critics ”” don’t even ignore them.”
* “Put it out of your mind. In no time, it will be a forgotten memory.”
* “I’ll take fifty percent efficiency to get one hundred percent loyalty.”
* “I never put on a pair of shoes until I’ve worn them at least five years.”
* “Color television! Bah, I won’t believe it until I see it in black and white.”
* “We have that Indian scene. We can get the Indians from the reservoir.”
* “Let’s bring it up to date with some snappy nineteenth century dialogue.”
* “I don’t think anyone should write his autobiography until after he’s dead.”
* “I’m willing to admit that I may not always be right, but I am never wrong.”
* “Anyone who would go to a psychiatrist ought to have his head examined!”
* “Why did you name him Sam? Every Tom, Dick and Harry is named Sam!”
* “Give me a couple of years, and I’ll make that actress an overnight success.”
* “If I were in this business only for the business, I wouldn’t be in this business.”
* “Go see that turkey for yourself, and see for yourself why you shouldn’t see it.”
* “Pictures are for entertainment, messages should be delivered by Western Union.”
* “When someone does something good, applaud! You will make two people happy.”
* “That would doubtless be a dank and dark and a desolate and dreary place to dwell.”
* “From success you get a lot of things, but not that great inside thing that love brings you.”
* “I hate a man who always says yes to me. When I say no I like a man who also says no.”
* “That’s the way with these directors, they’re always biting the hand that lays the golden egg.”
* “I don’t want yes-men around me. I want everyone to tell the truth, even if it costs them their jobs.”
* “I don’t care if it doesn’t make a nickel. I just want every man, woman, and child in America toe it.”
* “Why should people go out and pay to see bad movies when they can stay home and see bad television for nothing.”
* Whilst strolling through a friend's garden Sam happened upon a sundial. Having never seen one before he asked his host what it was and, upon being told, replied "whatever will they think of next?"

* “True, I’ve been a long time making up my mind, but now I’m giving you a definite answer. I won’t say yes, and I won’t say no ”” but I’m giving you a definite maybe.”

 

[Kauri]

You've just gone short? LOL

not short... more gone cautious... the last up-leg, if nothing else, is not as impulsive as the previous nlegs so to speak.... ummm... might be out-foxing myself nhere... 5 hours and the budgies wake up, a few questions for them today..
Chaaaaaaaaaaars
.................Kauri

 

[explod]

not short... more gone cautious... the last up-leg, if nothing else, is not as impulsive as the previous nlegs so to speak.... ummm... might be out-foxing myself nhere... 5 hours and the budgies wake up, a few questions for them today..
Chaaaaaaaaaaars
.................Kauri

Cheep, cheep,,yaawn...

Since the spike about 8th November we see on the daily a pennant with overnight action showing the start of a break to the upside.

On the fundamental side a US interest rate cut could just be the catalyst to launch a shot at the US$850 resistance. I think the .5 basis cut will occur even if just to divert attention from continuing bad company reports.

 

[Whiskers]

Gold just got whiplashed!

Could this be the start of the retrace back into the mid 700's?

 

[Kauri]

Everyone is waiting on the Us rate across the boards... the chart currently to me looks a little ominous.. has just pulled up a couple of dollars short of both a=c and 2= .62 ret of 1 ...
a bit of jockeying before the ann. and all will be revealed
Cheers
........Kauri

 

[Sean K]

I think a quarter point was factored in.