#France #Germany Our first analysis this year (link) covered #Gold, proposing movement to 1,602 dollars. At the time of writing, the metal was trading at 1,552, thus the proposal fairly significant. Literally within the week, the metal successfully oozed upward, hitting and slightly exceeding our target level. Crucially, the price did not actually close a session anywhere near our 1,602, therefore opening the doors of suspicion for the immediate future.
One good thing which came out of the movement to 1,602 was fairly basic and simple. It proved we’ve been watching the correct trend, suggesting mapping the price against the Blue trend line (dates back to 2011) has been the correct approach. But in light of a barrage of reports from China, we’re more than a little surprised the price of the metal has not shot upward, thanks to Gold (once) being regarded as a natural safe haven.
Hopefully it’s the case the current media game of CoronaVirus Bingo, trying to produce headlines with how many people “could” die, is being ignored by a world, already punch drunk from ongoing headlines produced by journalists who read something some bloke wrote on Twitter! Today, the Metro in London managed 45 million as their contribution to a climate of fear.
The immediate scenario with Gold is somewhat surprising. Weakness now below 1,555 (Red) threatens reversal to an initial 1,530 dollars. If broken, our secondary calculation is at 1,500, along with a fair chance of a bounce. The surprise against these numbers? It will return the price of the metal below the long term downtrend!
Alternately, if the metal now finds itself trading above just 1,600, strength to 1,645 now looks possible with secondary, if bettered, coming in at 1,685 dollars.
We’re pretty hesitant, suspecting the price shall go up, surprised it has not already done so. Our in-house mantra remains, “if it ain’t goin’ up, it’s goin’ down,” with the result the near term Red uptrend is probably worth keeping an eye on.
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
10:14:24PM |
BRENT |
56.31 |
Success | ||||||||
10:16:56PM |
GOLD |
1566.49 | |||||||||
10:18:44PM |
FTSE |
7545.03 |
‘cess | ||||||||
10:27:40PM |
FRANCE |
6114 |
6059 |
6042.5 |
6018 |
6085 |
6117 |
6123.5 |
6175 |
6067 |
Success |
10:30:27PM |
GERMANY |
13784 |
13639 |
13585 |
13518 |
13728 |
13786 |
13802 |
13866 |
13693 |
Success |
10:32:03PM |
US500 |
3380.52 |
‘cess | ||||||||
10:34:22PM |
DOW |
29541.1 |
‘cess | ||||||||
10:42:01PM |
NASDAQ |
9611.12 | |||||||||
10:43:37PM |
JAPAN |
23969 |
Shambles |
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