#Nasdaq Our last glance at #GOLD in June (link) proved a stonking success as we mapped a movement from 1357 up to 1537, weird with the numbers just changing order! Importantly, our initial target was bettered for a session or two, resulting a situation where future optimism is possible and almost assured.
Unsurprisingly, despite the metal bettering our 1537 ambition, it was a pretty major target level, one at which we’d expected some hesitation and the market is currently obliging. The immediate situation is fairly straightforward with Gold prices seen as suffering, due to the strength of index’. We’ve a suspicion this shall prove a load of tosh at some point soon, once the price of Gold exhausts reversal pressures. Apparently, if Gold now trades below 1454 dollars, it should experience reversal to an initial 1429 with secondary, if broken, calculating at a bottom of 1376.
We hope for a serious bounce, if 1376 makes an appearance. Ideally, in fact, any bounce should occur somewhere around the 1400 dollar mark, “proving” strength in the price and once again entering a cycle which should again challenge the 1537 level.
If 1537 is bettered, despite hesitation appearing visually probable at the 1550 level, it should enter a growth cycle to 1603 initially with secondary, if bettered, calculating at 1674 dollars. Due to the 1674 once again being a major ambition, some hesitation appears very probable around such a level.
To summarise, we suspect the current reversal cycle on Gold should bottom around the 1400 dollar mark. If opening a “blind long” at such a level, stop needs be just below 1376 dollars. For our future thoughts to prove correct, any bounce from 1400 exceeding 1537 is liable to prove quite profitable, until 1674 makes an appearance.
The reason we’re being a little hysterical about the 1376 level is simple. Below such a point introduces the potential of 1208 making itself known as “bottom”.
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
9:52:12PM |
BRENT |
61.71 | |||||||||
9:56:38PM |
GOLD |
1471 |
1456 |
1429 |
1399 |
1475 |
1474 |
1475.5 |
1482 |
1462 |
‘cess |
9:58:28PM |
FTSE |
7312.41 | |||||||||
10:00:46PM |
FRANCE |
5930.5 |
‘cess | ||||||||
10:03:28PM |
GERMANY |
13211 |
‘cess | ||||||||
10:05:29PM |
US500 |
3122.62 |
Shambles | ||||||||
10:07:35PM |
DOW |
28047 | |||||||||
10:09:13PM |
NASDAQ |
8330.87 |
8272 |
8243 |
8205 |
8341 |
8357 |
8376 |
8411 |
8278 |
Success |
10:11:13PM |
JAPAN |
23397 |