Updated

XAUUSD GOLD

Okay, so I sold all my miners Yesterday around 1210. Now gold is continuing lower. I expect at least a pullback to 38.2% fibo or maybe even 50%. Then we will get another leg higher. Watch the SPX and USD for changes.

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Gold dropping on cue. Where is turns is the choice to make? I am looking at 1175 based on AB=CD. Its not a good fibo point, so it may be a quick drop and recover.

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Watching GOLD at support resistance levels (blue boxes). It pushed lower last night and is working between 2 more. With USD bouncing we could get a few days of USD strength and then a new GOLD DC. Im waiting to buy next week. 1175 looks promising.

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Possible Bearish Scenario

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Harmonic BAT pattern in play, near perfect. Should break to higher highs form here.

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Three drives to a top. Symmetry will bring us to 1235 gold. Then a correction. Hopefully we can get out near the top.

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Target 1235 still on track

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What a day, finished the day hitting my target of 1235. I expect a pullback tomorrow. We may start the day higher and then sell off. I expect to see a candle with a big wick. Longer term chart for gold is bullish with upside of 1280-1300

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If you got out at 1235 congrats, you caught the top. I expect a pullback to 1223 now, that would be the reentry long. Good luck.

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I want to see a break above 1235 to get bullish.

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We didn't get the pullback to 1223, instead the GOLD pattern changed. No matter what the USD did, GOLD kept banging up against 1235. Now it is breaking higher. VERY bullish for GOLD imho.

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I constantly look for pullbacks, NOW. If you look at the last run up, there was 6 peaks including the top. We now have 5 peaks in this run up? Now, the 1st run up was larger than the current one $92. The 2nd run is supposed to move higher than the 1st........we are only at $62. Just watching.

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Gold pullback to the 200sma and the AB=CD at 1215. Shouldn't go further than that.

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BUYing miners, GoLD made a perfect tag of 38.2% and is now moving higher. 1219 might be the low.

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Possible H&S pattern forming, 1247 target. Bearish scenario still 1215. Waiting to see.

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I orginally posted 101.50 as an expected right shoulder, we are there now. The left shoulder was at 102, so we could go there. The H&S patter still valid, the fall should be profitable. Buying opportunity

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Nice recovery in Gold today. Up against upper trend line. This is a bull flag that when it breaks higher will be an awesome run. Looks like it started to move higher at the close.

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Breakout of the bull flag overnight, very bullish. A little overbought on the hourly. Might get a pullback at the open, but this should go higher over the next weeks.

Trade closed: stop reached

Good trade, out now

bhowe

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bhowe

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