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Newbegining

7,505 Posts.

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29/09/18

20:29

Post #: 35931644
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Originally posted by Newbegining ↑

XAU - Gold US$ as with everything you can make a bull case or a bearish one. the bull scenario is that the low we experienced at the end of dec 2015 could have marked the end of the corrective phase of the ongoing bull run with the recent high this year as the end of impulsive wave 1 leaving us possibly now at the end of wave 2 awaiting the next impulsive move higher to complete wave 3.

we find ourselves in a price range that has consistently been an area of support and resistance. A good place to pause illustrated with the blue circles on the chart. the corrective wave for wave 1 have in recent times corrected 75% of the prior impulsive wave and interestingly this is where we sit at the moment. so there are a few things the support the bull argument. I personally remain optimistic purely based on my own view. I would not be shorting gold at this level that is for sure.

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XAU - so the theory held yesterday. in my eyes it is neutral at the moment, either bullish nor bearish. however it is interesting that both the US dollar index and XAU rose in tandem. the link below are some traders talking about their open trades. one bullish one bearish.

https://www.cnbc.com/2018/09/27/gold-is-doing-something-it-hasnt-done-in-nearly-30-years.html

US based Gold miners performance on Friday

Last edited by Newbegining: 29/09/18
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0 Great analysis

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