GOLD Look Ahead for week starting 1/26/20
Gold is in a long-term Bull Market with price trading above the 50 week ema, which is above the 200 and 800 week emas. The long term emas are currently still trending up, despite price action correcting over the last several weeks. The weekly candles show no indication of a top here. Price would have to drop all the way down to close below 1517 in order to be considered to be correcting on the weekly charts.
The Commodity is in a long-term Bull Market with price trading above the 50 day ema, which is above the 200 and 800 day emas. The 50 day ema is currently up trending, with Gold trading up in a strong b-wave flat that traded over the previous highs of 1557.10 before trending down again. Price has been testing the 13 ema, currently at 1554.77, almost daily over the last two week, although it has yet to close below it. In an Elliott Wave flat correction the c-wave trades down below the a-wave low, which is at 1445.50, so expect the down-trend to head back down there before completing.
The Commodity is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. The long term emas have trended up here as price has consolidated sideways and up within this accumulation / distribution zone. Price this last week has mostly stayed above the 9/13/30/50 emas, but a break down below the 50 ema would lead to a test of the 200 ema at 1530.
The Gold market is trying to finish out the b-wave of a greater x-wave, and at this point can be considered to be done. The question is will gold put in an additional wave up to test the 61.8% retracement, at 1584.22, of the wave down from the top at 1611.50. After that the c-wave should start to complete this x-wave.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
The Commodity is in a long-term Bull Market with price trading above the 50 day ema, which is above the 200 and 800 day emas. The 50 day ema is currently up trending, with Gold trading up in a strong b-wave flat that traded over the previous highs of 1557.10 before trending down again. Price has been testing the 13 ema, currently at 1554.77, almost daily over the last two week, although it has yet to close below it. In an Elliott Wave flat correction the c-wave trades down below the a-wave low, which is at 1445.50, so expect the down-trend to head back down there before completing.
The Commodity is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. The long term emas have trended up here as price has consolidated sideways and up within this accumulation / distribution zone. Price this last week has mostly stayed above the 9/13/30/50 emas, but a break down below the 50 ema would lead to a test of the 200 ema at 1530.
The Gold market is trying to finish out the b-wave of a greater x-wave, and at this point can be considered to be done. The question is will gold put in an additional wave up to test the 61.8% retracement, at 1584.22, of the wave down from the top at 1611.50. After that the c-wave should start to complete this x-wave.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Trade stängt: målet nått:
My upside target was hit in the first minute the market was open this week.
Egads People! You gotta let the drama unfold to get the most out of it...
Egads People! You gotta let the drama unfold to get the most out of it...
