Gold GOLD PRO WEEKLY, September 23 - 27, 2019

[Deltoid88]

Yes, but about this one. I dont argue your thinking we are in C, although I dont agree because I think wer are in x, but c corrective in 1st of an impulse is shorter than b only in running flat, as far I know..

I see, you meant on that red C wave as part of wave 2. That is completely within rules of waves, and yes, that also was flat, not expanded flat, just flat. There also C wave can be shortest. C wave can not be shortest in ZigZag, but in flat, it can be. In flat wave B must retrace at least 50% of wave A, which was the case as you can see.

 

[Sive Morten]

Greetings everybody,

Gold stands on a course of our scenario by far and we do not have any reasons to change it. As we've said in weekly report - gold will challenge "C" point on Monday, and this has happened. But due relatively quiet price action, it seems that traders do not understand yet what is going on, taking bets on retracement and treating this level as good one for short entry. When they will understand - this will be too late... But we could use this silence for position taking.

Market hits our OP target very fast and now stands around resistance of major 5/8 Fib level and WPR1. Next short term target is XOP around 1536, but we could consider recent consolidation as Double Bottom pattern. Indeed, despite it is choppy a bit, it has all features of DB pattern - W&R of second low, sharp reversal on a slope of right bottom and total bulls' domination there, which was strong enough to erase Fed collapse candle.
If we're correct on this moment - DB target approximately is 1563, which is 4$ lower than weekly XOP. But it doesn't matter because, if market indeed will climb above recent top - stops will push gold to 1570 or even higher, so both targets will be hit at the same moment:

Now it would be nice if we have minor retracement. As we've explained in weekly report - we keep an eye only on 1516$ and 1510 levels.

 

[minimax]

Lets say that we are facing a moment of direction..

 

[Deltoid88]

Lets say that we are facing a moment of direction..

Indeed!

 

[Deltoid88]

Gold stands on a course of our scenario by far and we do not have any reasons to change it. As we've said in weekly report - gold will challenge "C" point on Monday, and this has happened. But due relatively quiet price action, it seems that traders do not understand yet what is going on, taking bets on retracement and treating this level as good one for short entry. When they will understand - this will be too late... But we could use this silence for position taking.

Do not remember seeing you so positive about some trade like now, sir Sive

It will be interesting to see what will happen with Gold. I keep my shorts opened.

 

[Sive Morten]

Do not remember seeing you so positive about some trade like now, sir Sive

It will be interesting to see what will happen with Gold. I keep my shorts opened.

Heh, indeed.
Actually gold is forming outstanding setup that was not seen here for a long time. That's why I'm a bit exciting with it.

 

[minimax]

My momenth of truth... I said latest at 1535,456 - revarsal into correction...

 

[minimax]

Next moment, breaking 161.8...

 

[eskel]

Hello ALL!
I have been following your Sive analysis for many years.
Thank you very much for all the work.

In my opinion, today we should have growth stimulation.
There are no clear reasons for inserting sell items.
the lower time frame boldly shows the channels but not yet declines.
That is why it is worth waiting for buying other techniques

 

[Sive Morten]

Greetings everybody,

Gold doesn't show yet impressive breakouts, but it slowly grows and now comes right to the top of left arm of our H&S pattern. Currently not everybody understands what is going on and many traders prepares to go short as our XOP target on 4H chart is completed.

Once this level will be exceeded - we expect faster action closer to the top of the head. That's being said, currently there is no reason to cancel our trading setup and we still focused on 1567-1570 level.

Yesterday everything was according to the plan. Market has completed expected AB=CD retracement on 1H chart perfectly, right at 1515 Fib support and turned up again. Right now price completes XOP target and stands above WPR1 and 5/8 Fib level. Potentially we also could get bullish grabber here within few hours:

Finally, take a look how market reacts on resistance and broken level. We do not have sharp reversal, price stands above them. This is also bullish sign.

Here we also do not expect too deep retracement. The most suitable level for us is 1521 (or higher).