Gold (XAUUSD) ... Patterns Patterns Patterns

2024年7月13日

In the past month Gold has appreciated roughly 6%.

As I see it, Gold (XAUUSD) has also traced out a bearish Butterfly Harmonic Pattern (1) as well as a Bearish Wolfe Wave one (2).

These combine to suggest a Bullish Harmonic Shark Pattern (3) is in progress with a calculated D target in the $2308 area. (A 4%+ drop)

We also need momentum to roll over.

Look for the US Dollar Index (DXY) and interest rates will be the key.

Any strengthening should put pressure of this precious metal.

So I am looking to sell temporary strength with a tight stop just north of $2432.

FWIW I am bullish longer term and view this as a swing opportunity

Not investment advice... do your own due diligence


S.

2024年7月15日

註釋

Well while Saturday's "incident" may give equity markets and Gold a temporary bid we still are looking for a toping of both.. perhaps at higher levels.
So lets see how this plays out for the next several days.

2024年7月16日

註釋

An update ...

Well we got a good "incident" bid and Powell's recent comments helped markets yesterday.

Banks who have been manipulating this market for years probably are feeling pain.

Won't count them out yest. New alltime hight today...

Still looking to sell/take profits when momentum rolls over.. but waiting


S.

2024年7月17日

註釋

Update... some giveback and momentum is hesitating.
perhaps take some profits here and be a seller near the 2425 area.
Watch equities and $ for weakness.

2024年7月18日

註釋

Update .. momentum HAS rolled over... lets see where we go !

2024年7月19日

手動結束交易

Closing position and looking to re-establish on a descent rally...
S.