OMEX:GC1! 0.55% is nearing the end of a bumpy retracement from recent $1,360 highs. As @Nightstar foretold, Gold 0.55% 0.55% is on track to challenge $1,240 which would complete a 76.4% retracement and set the ICL low firmly in place. This lays the foundation for a strong drive back past $1,360 and new ICH's. With the end of the year approaching, US interest rate hikes on the horizon and the stock market well into overbought territory, I am laying the foundation for my long gold 0.55% strategy, striving for an entry around $1,242 in the next 6 days and the starting to heavily leverage up for the acceleration past $1,360. Key resistance levels are $1,280, $1,306, $1,314. This truly is a golden opportunity not to be missed ;)
הערה:
Patiently waiting for the C wave to complete. Still a bumpy ride down, but don't be fooled, there is still further to go to hit the ICL. With the FOMC meeting taking place today I expect a choppy ride to the ICL as the market is looking for hints of a US rate hike later this year.
הערה:
Protracted sideways move this week with grumblings of $1,200 on TV (sub $1,240 not likely in my opinion). Still patiently waiting for a $1,242 entry, a little later than I anticipated unless Monday has a whammy drop. No short trade, the risk reward ratio doesn't make sense from this price.
הערה:
Still waiting for the $1,260 stops to be taken out and then a long entry when it bottoms. Won't be down around $1,245-$1,240 for long so get in while it's there. Any collapse under $1,260 will be short lived but aggressive as bull stops are tripped.
הערה:
Long, messy sideways move. Indecisive price action with a bearish bias. The c wave down may be extended and aggressive. Strategy stil in play, waiting fir price collapse.
