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Gold in 2011
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Gold in 2011

  #111 (permalink)
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On May 29 I wrote that the chart says up and on the graph
the yellow 45 degree line says "1551 watch for that". price was 1536.50 (June contract)
Well it looks like gann had something going for it stopped right at that level 1553.90 6 June (June contract).

Below is a chart for the August contract.
Looks like it may be rolling over.

Breaking 1520 on the close would indicate down.
(I don't have a measurement - its very late at night and I'm tired but at a guess 1472 to 1450 -IF it breaks down the 1520.)

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  #112 (permalink)
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(22 June video) Katie Stockton is looking at a "loss of momentum in gold" -

This evening I watched the talking numbers video of 22 June Katie Stockton of MKM Charting Oil's Decline mentions
a "loss of momentum" of gold because of the basing action in the DX.
- Katie Stockton, MKM Partners

Though "loss of momentum" does not necessarily mean a fall in price - it could rise less slowly I think she means a fall in price with the DX putting in basing action.

DX is at a key point and breaking above 76.5 with confirmation would set in place a bull leg for the DX. Though its best to wait until it happens - I think it will.

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  #113 (permalink)
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June 30, 2011

This isn't an encouraging chart.
Especially when you realize the DX has been falling for the last few days.

It's late at night and I thought I'd check this as I don't plan to trade ES tomorrow.

This chart says to me - "just wait".
If 1490 doesn't hold then don't go long - go short.
By how much would 1490 have to fail to signal down?

Well gold moves so fast I can't say but as a guideline EITHER:
Daily close below 1472
or
weekly close below 1478.

hope it helps!

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Last edited by aquarian1; July 1st, 2011 at 03:18 AM.
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  #114 (permalink)
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Gold to top in 1559 area?

Sunday, July 10, 2011

The chart below shows gold and below that the DX (green lines). DX has a wedge forming.

For gold IF a top forms at the 1559 area in the next few days that will be the third top at that level (mustard colored horizontal line). Really gold HAS to push through there to make a bull case. If it fails there (watch the CCI at 140 level), then we have a good chance for a move to the lower edge of the DON channel (1478).

Under that scenario (an 81 pt drop from 1559) I would suspect that it would continue on down for another 80 pts so looking at the 1406 resistance as a target. In total that would be a good move 1559 to 1406 (or to 1399?).

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  #115 (permalink)
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Here is Barcharts cheat sheet
GCQ11 | Futures Trader's Cheat Sheet for Gold August 2011

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