GOLD – Targeting 1700?

– Gold has approached the upper Weekly Bollinger Band and hit resistance around 1800
– Stochastics generated a sell signal with a Shooting Star Reversal candle last week, followed by a bearish week

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GOLD – Update

– Whilst I’m not short yet, I definitely wouldn’t be looking to buy (on the daily/weekly timeframe) from the charts below
– I think there’s room for more gains but probably limited
– The recent price advance appears to be weak, so more than likely to be a correction than the start of a new bull run
– 61.8% fibs still allows price to reach around 1700, and price has currently stalled at the 50% level from the 1920 highs
– I’ll be looking for bearish Candle patterns in the coming days
– Earlier posts on Gold can be viewed here

“Trade what you see, not what you think…”

Follow @cLeverEdge


TRADE: LSE:CEY – Centamin Egypt Ltd

– Centamin Egypt Ltd (CEY) is a Gold Mining Company within an established downtrend
– Even though both Gold and CEY are within a downtrend, KEY is the weakest performer as the ratio line between the two is still descending.
– CEY is resting on the historical support/resistance level around 80 – I’ll be shorting on the assumption that if this level breaks it could be quite significant.
– The target becomes a little tricky because not much price action has been seen beneath the 80 level until the 55 mark (which is clearer to see on the volue histogram on the 2nd pic) so initially I’ll target 55 and assess how the trade develops if it ever triggers.

“Trade what you see, not what you think…”

Follow @cLeverEdge


GOLD – Point & Figure

– Gold has retraced to its intermediate P&F trendline.
– This leaves potential for a bullish retracement so I’ll be monitoring this chart to see if a bottoming pattern forms.
– A close below 1550 is bearish.

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GOLD: Cycles

Still very much an experiment, I am trying to extrapolate the underlying cycles within Gold. The main problem I have at this stage is a severe lack of data, as to properly identify the 9 year Juglar cycle I’m looking for I’d ideally need at least 100 years worth of data. However, I do feel I can pinpoint 2 major swing lows that are 9.1 years apart.

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GOLD: Gann Levels