Tag: Gold (FOREX:XAUUSDO)

Gold Update: That's It?

Posted on by Aibek Burabayev

It’s really amazing to see how some people take a selfie every day from childhood and then compile a video from those photos to see the timeline of their life.

As gold reached all preset targets, hitting a new seven-year maximum of $1704, I think it’s an excellent time to contemplate the history of this large move up. I put the charts from the previous posts one by one to restore the timeline with my comments for you. Let’s start the time machine!

Chart 1. Global Monthly Chart Of 2016

Gold
Chart courtesy of tradingview.com

Four years ago, when the “Bulls Finally Took The Ball”, I posted a big map to share with you my view about a possible sizeable complex correction for gold to warn you of a time-consuming zigzag move. It was meant to become a real roller coaster with a big up and down move. It consists of two Fibonacci retracement areas. Green colored was set for the current move up. We almost reached 78.6% last week as price grew by $447 or 36% since that post in 2016. Continue reading "Gold Update: That's It?" →

Gold Hits Target And Seven Year High

Posted on by Aibek Burabayev

Before we start analyzing gold, let’s see how two precious metals behave in comparison on the chart below.

Gold
Chart courtesy of tradingview.com Gold (orange, right scale), Silver (blue, left scale)

This chart above starts from the bottom area of 2019. The most of the time, the yellow metal leads the game as Silver follows suit showing sharp moves to catch up with the gold. Sometimes the laggard throws over the leading trend amid excessive market reaction to the big moves of the top metal. Such extremes are rare and quickly get normalized by market “whales.” From this perspective, there is nothing new we can find on the chart. Continue reading "Gold Hits Target And Seven Year High" →

Gold Hits Second Target

Posted on by Aibek Burabayev

On the 6th of January, gold had hit the second target of $1577 that I showed you last June when we measured the depth of gold bugs love. I will update the big chart for you below to show why this second target is crucial. By the way, this target was the most favored then as you can see in the graph of ballots below.

gold poll

It’s a real miracle that we witnessed the Santa Claus Rally again this year. I updated the short-term chart for gold right ahead of Christmas as I thought the correction would extend itself to delay the rally for a later period. The invalidation point for the bearish scenario was set at $1516 as the price moved almost $100 above that point for someone’s benefit.

gold poll

Most of you voted for the immediate rally as you didn’t expect another drop, and you were amazingly right, again!

I think it’s time to check big charts to adjust our short-term navigation plans. Continue reading "Gold Hits Second Target" →

Gold & Silver: Santa Claus Rally Postponed

Posted on by Aibek Burabayev

Both metals missed the time targets, which were set on the 13th of December for gold and on the 20th of December for silver in the previous post as I was expecting the Last Drop Ahead Of Santa Claus Rally.

I updated the charts below and went deep into the anatomy of the current consolidation in the "bc” segment to show you in detail what holds the price for so long delaying the last drop. For that reason, I switched to a lower time frame of 4-hour.

Let me start with the silver chart as it has a less complicated structure than gold, and I will use it as a navigator.

Chart 1. Silver 4-hour

Silver
Chart courtesy of tradingview.com

Corrective structures are tricky as I always repeat it as a mantra, but it really has such a nature as it reflects the uncertainty in the market mixed with attempts of different market forces to break out of the current status quo. This creates sharp zigzags and false breakouts as we see it on the silver chart above. Continue reading "Gold & Silver: Santa Claus Rally Postponed" →

Gold & Silver: Last Drop Ahead Of Santa Claus Rally?

Posted on by Aibek Burabayev

Both metals went amazingly well with the plan that I shared with you a month ago. I have shown you a possible structure of more complex correction and set the time targets for both metals. Below you can see where you thought the completion of the corrective move would finish.

gold silver poll

The votes were split almost even with a little margin in favor of the gold bugs as they preferred January 2020 as the ending point for the current extended correction. Silver fans chose Christmas day as their metal's chart showed it as a result of calculations.

Later on, there was an update where I set the price targets for both gold, and silver for the upcoming drop as the structure got more clarity.

As time goes by and the chart moves to the right, adding more and more bars, we can see the picture even clearer now to adjust both time and price targets for top metals below. Continue reading "Gold & Silver: Last Drop Ahead Of Santa Claus Rally?" →