Keep an eye on this one it looks likely to put in a nice correction some time soon. Look at the divergence on MACD Remember we are looking for a break of the channel and a flag or correction below the breakout for confirmation before entering.
Alternately you could wait for the short move to complete and look for a long entry.
Forecasts will be updated as they develop so remember to follow to receive them. You can also follow updates via twitter (link via my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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Price has moved up to the channel top - It should come back down from there. If we get a short entry set up it might be worth taking a punt with in the channel
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Still waiting for a short trade
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Waiting for a breakout - it will come sooner or later
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We've had a breakout - now wait for an short entry set up.
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Here we go - if you missed it wait for a correction to enter
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Given the extent of the impulse this is still a very small correction. I expect this has much more downside to it
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OK so far so good. I'm looking for a long trade now
I noticed the weekly chart pattern is a cup and handle. And price advanced pass the 26MA .
I'm thinking of a long position .
Please correct me if I am wrong.
Thanks for your analysis
SteveNixon
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@mzshaik, I don't look for patterns although you could well be right. I trade structure based on wave principles.
Oath
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Hope! Gold up to 1320 ab=cd pattern and target end of 2017 around 1400!
Oath
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So! GJ downside
SteveNixon
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@Oath, Short term only - I'm expecting a correction of the nice move up we've just had. After that I expect it to push further up.