Thursday 3 January 2019

Gold to top soon?

Hi Traders,

Happy New Year! This is the first newsletter of the 2019.

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Although Gold is trying to get to the area 1300-1308 (see the target lines in the daily chart), it also shows the signs of a commodity running out of steam and it might turn South before reaching that target.

Note the exhaustion gap in the 1-hour chart.


The monthly and weekly charts display a very large accumulation pattern (a-b-c). From the top at C, Gold has now staged 4 small waves downward (out of 5). Wave 5 might take the commodity to the area 1155-1131 or even 1100.

The daily chart and the weekly chart clearly show that the whole set of 4 waves down - from the top at C - is religiously in place. If Gold tops soon, it will mark the completion of wave 4, starting a new downtrend to be labelled wave 5.

Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

1-hour chart. Click to enlarge