Gold: Bottoming

We are close to the important psychological level of 1270. But more importantly, approaching the key support zone of 1265-67 where there is confluence of support from both weekly and monthly levels.
UsdJpy             0.26% is approaching outer band of its resistance zone at 114.5.

My targets remain unchanged. I want to see 1348 before November ends
评论: Weekly supports:
评论: Gold may have bottomed here.
评论: Still beware that it may sucker punch you in the family jewels with a dip to 1265-67.
评论: Almost complete pattern
评论: Finally its moving. Why couldnt it just finish when it was at it yesterday? Pointless PA :)
评论: Come on gold, give us at least the number 1266.X. Slow asset :)
评论: There we got it. Now the bottom is in with very high probability.
But, now u all see the meaninglessness of waiting one day for all this stupidity when it could have just done it right away. I guess i dont have much respect for markets in the end :)
评论: WEEKLY and MONTHLY gann level hit @ 1265.6.
Reversal time!
评论: I take the risk and call the bottom here in gold of this cycle.
评论: NOW, TARGETING 1348!
评论: I was looking at chart, and weekly upper Gann level is @ 1265.3, not 1265.6. I think I need glasses. Well, gold hit it. So, question is now if we get that spike to 1262.XX or if gold is happy now.
DXY should be facing hard resistance on its 36 degree level from the low @ 94.87.
UJ approaching resistance too.
评论: How many times have you heard it and know it for a fact:
1. Gold will go down and bottom in December
2. Gold will produce a failed cycle
3. Gold will go to 1290-1300 before next leg down
4. Gold is in its intermediate decline
5. 2018 will be the year where gold makes a higher high
6. DXY will go to 96-97 because the IHS pattern is guaranteed

How many calls for new high in this year? I do.
评论: I forgot to add on the list:
"2017 is gonna be a consolidation year for gold"
"It's late in its Xth daily cycle, it will most likely roll over further"
"It's going down"
"Miners are telling the story"
"Miners are leading gold"

Did I forget any?
评论: I guess cycle experts can help me out on this one:
评论: I hear bulls screaming of "fake moves" re the dollar, bla bla bla. Let me again remind of dxy = 96.5 / xauusd = 1375 last year relationship. Xau has more than a 100 usd buffer from these levels :) Fundamentally speaking is current sitiation
With more or less geopolitical risk than back then? Rally into next fomc to crush the bearish herd ;)
评论: That being said; be careful at fomc. Intraday may always surprise to both sides! Even though I believe in 1292 to be seen today, markets may have a different plan. That is what stops are for ;)
评论: As long as gold does not make any lower lows (sub 1260) outlook is unchanged from my side.

I know the whole world has learned themselves to put 3 letters on a chart and draw a 2 pointed trendline.

But that is not my expectation. Although its valid, I dont think that is the right look for a B wave at all. We'll seen soon enough :)

USDJPY need to make a descision soon and gold cannot move without stimulants.
1266.67 is as i have stated very many times a key important level for gold.
Yes, it is pointless to test things 1000 times, but its called consolidation or ranging market. The good news is that things speed up when markets have finally decided.
评论: 1294 is what we need now to hold the line.. :)
评论: 2 points of interest on the support side: Intraday @ 1279.X and the monthly level at 1275-76.
评论: On more detailed timeframe, what is happening;

Touched the 61.8 fib of prev low and consolidates above downtrendline.
Very choppy indeed. I think that is caused by a 2 year cycle (the lower one famous for making rounded, boring bottoms)
评论: Things still move ahead a bit slow as the peanut-pickers (scalpers) still are a few. When they eventually give up and turn into buyers things should speed up.
评论: Peanut pickers came again @ monthly resistance 1288 level. So another pushback. But then, my unseen 1302 shall soon be seen.
评论: I love how fast sentiment changes, and shorts jump in certain that "top is in" just to get recked the next day again and again. They never learn do they?
评论: If I would have to count this on bigger scale, I would have said something like this;
评论: Bears just cannot understand why it wont roll over! Well, cycles are working upwards on this fellow now to drive him higher :) And sentiment has a lot of nice room upwards.
评论: The gradual transformation from bears to bulls. When will it stop going up? When the last bear has become a bull with confidence!
评论: One of these days it must rally hard to make up for all the pointless waste of time
but miners look to be leading lower... we'll see...
faronf faronf
@faronf, or just tagging bottom of new ascending channel?
@faronf, They cannot get proper out of consolidation until gold is done consolidating is my take. Sub 1300 gold isnt much attractive to miners unfortunately. But above, gee, they love it
@faronf, For now they are at least good at filling pointless gaps
bro ..
you think the gold hold the line 1294
Viking83 MidoAshraf7
@MidoAshraf7, It will not move up straight nor down straight, things take time :) But we should be seeing some upmoves in the bullish scenario going forward.
Viking83 MidoAshraf7
@MidoAshraf7, It might want to test back even the monthly support/resistance at 1275-76 or the daily support at 1280 before moving further. Lets see what the market wants and does.
I hear bulls screaming of "fake moves" re the dollar, bla bla bla. Let me again remind of dxy = 96.5 / xauusd = 1375 last year relationship. Xau has more than a 100 usd buffer from these levels :)
@Viking83, you forgot CoT is bearish :D, really admire your conviction on this, you are the lone voice in the forest. It all seems too obvious with Gold falling into Dec rate hike, again. I still fear you are a little too early. Lets see tomorrow.
@AnRuaN, Heh, the COTs, yes. Let the market show us the way AnRuaN!
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