XAUUSD is getting very long in the cycle without any significant movement higher. I was originally expecting an ICL blast off following the gold candle pattern. BUT, because we are so late I think we get a muted 4th DC here. We may go as high as $1293 and then a drop to a double bottom at $1198. AB=CD. Long for now, because I bought miners at the low on 10-6. I wouldn't enter a new trade here, I'd wait for the double bottom.
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Expect gold to move higher still. Looking for some resistance at the upper trend line. With USD starting its move lower, Gold should eventually break thru
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Gold completed the high and low in one day. We are now at the arrow, ready to move higher. What a day.
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Double top in the Dollar could break down here.
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Gartley Pattern in play in GOLD
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The latest on GOLD. Look at the overlay pattern (gold bars) over the current position. Look how closely it follows whats going on. This pattern is from the last half of 2015. I suspect we will follow that patter again. GOLD is very oversold and time to move higher is close. Even in bear markets gold has moves higher, and we are in a bull market. hold on
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US Dollar, is in the right spot for a correction, 1.6% gain from the previous top seems to be a pattern. A tag of the previous top, actually a bit higher than the previous two tops, so right at resistance. RSI very over bought.
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Another move lower last night. I expect one more move lower to try to run the stops. Look for a break below $1199 then the ICL should be in, and we can load up on NUGT.
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Back test didn't violate the previous low. I like GOLD here to move higher.
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Silver backtested the lower trend line and is moving higher, GDX did the same. This should be the bottom. A strong move would be welcome relief.
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GOLD is at a near perfect double bottom. Double bottoms usually play out as a good reverse point. With the cycle stretched it is a good R/R spot for a trade.
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Looks to me like the bottom is in. Check out the H&S pattern on the 30 minute chart. $1194 in the cards, at least.