A window on Gold? Keep peering thru the looking Glass

The Baptist

Established member
715 45
Hi,

I have attached a weekly chart on Gold.

Two weekly Candlestick Hammers with tweezer bottom both found support at the $606 level.

Also a windows on Gold Chart. These typical form as barriers/zones of support and resistance once set up. These reiterate support. Note relative volume spikes at key support levels, slowly winding down as interest slowly shifts elsewhere.

Some comments on the various Monthly charts and views.

Enjoy and keep watching!

Regards
 

Attachments

The Baptist

Established member
715 45
Buy stops at 628 and 632 triggered

Hi,

Golds price action has triggerred a few Buy stops I had been adding on the way down.

656.8 is another levels where additional weight can be added and I have further stops there. So there is still some way to go before the pattern has proven that it has played out in full.

I will post charts this evening on todays effect.

Good luck
 

Pippppin

Well-known member
386 18
The Baptist..........is this an attempt to escape from gugaplex on the other thread? Can't say I blame you
 

The Baptist

Established member
715 45
Pippppin said:
The Baptist..........is this an attempt to escape from gugaplex on the other thread? Can't say I blame you

Francis Erkhardt in 'House of Cards' was famous for saying. ' You might say that, but I am afraid I cannot comment'.

Looking for a new emphasis, sometimes a thread just gets stale, as it is an interesting time. Its still worth covering.

However some have noted that the primary impetus for the previous thread, is being driven by people who are not trading the instrument long or short and even blame poor ol' mum for their view, and see no value in a chart.

If all thats the case, well its not a thread for me.

Speaking of which its time for a Gold Chart.

$608 and 602 remain key levels that must hold for the bull cause.

I do not however feel this will be the primary up move I expect a lower higher on this upswing than $657.75 made last time followed by a smaller down leg before a complete setup for BO, if all goes to plan.

Enjoy a weekly CMC weekly Based Chart.

Good luck to all traders.
 

Attachments

ammo

Active member
236 12
watch for dow 11650area and spx 1325 area , if they find resistance ther and turn down you may get your breakout in gold as hedge against these larger instruments but without the ridiculous market panic undertones being verified by a panicky market the excitement in gold has waned,and baptist save the offensive comments against other members for the high and mighty sites, no offense, good post.
 

The Baptist

Established member
715 45
A Wedge of Gold - Chart October Gold

Hi,

One of the aspects of Golds chart (October 2006 future)for the year is that we have had repeated tests of the $609 -610 region on lower highs each time.

This is not a particularly bullish pattern (door wedge shape) and often results with the parallel line of support being broken. While in the market, I would suggest most should keep a fair amount of powder dry.

A possible trade for the bears may well be a short on the break of the $609 - 610 level on the October contract as per the chart attached. However it is worth noting that there have been repeated windows just below this level and these often make up additional support if $570 is breached, the 'Thin Blue line' on my Chart, there is no chance of any BO Pattern forming and even on a monthly view the chart would be inheritly bearish.

Chart attached shows windows/ Gaps and wedge formation with The wedge in Purple.
 

Attachments

The Baptist

Established member
715 45
The Baptist said:
Hi,

One of the aspects of Golds chart (October 2006 future)for the year is that we have had repeated tests of the $609 -610 region on lower highs each time.

This is not a particularly bullish pattern (door wedge shape) and often results with the parallel line of support being broken. While in the market, I would suggest most should keep a fair amount of powder dry.

A possible trade for the bears may well be a short on the break of the $609 - 610 level on the October contract as per the chart attached. However it is worth noting that there have been repeated windows just below this level and these often make up additional support if $570 is breached, the 'Thin Blue line' on my Chart, there is no chance of any BO Pattern forming and even on a monthly view the chart would be inheritly bearish.

Chart attached shows windows/ Gaps and wedge formation with The wedge in Purple.

This seems to have similarities to Athols post on another thread, Apologise for some of the commonalities for those who have already seen that posting.
 

The Baptist

Established member
715 45
Short?

Been bumped in a short position on a sell stop at the $624.6 level ( A base had built just above this level) on Cash Gold.

A steep fall away has just commenced, that if followed through may test the low support point at $609 -$610.

$619 - $620 on cash is next support level. Horozontal lines on the chart mark the entry next support point and base support at $607.
 

Attachments

The Baptist

Established member
715 45
Took some profit at $619 on part of the position, still short on the rest, quiet a violent move. Bread and Butter for Bearish sentiment.

Will $607 level Hold?
 

Attachments

The Baptist

Established member
715 45
Sniff of Bull

Hi,

It appears support has started to come in before the lows of June.

A couple of rising hammers, i am fancing Gold for a little upside.

Will try get charts up tomorrow.
 

andycan

Established member
630 28
anticipating a pop to the 615-620 area currently long dec contract
will cover in that area and look for a short


Andy
 

The Baptist

Established member
715 45
Agreed with your view Andycan. For me the Cash needs to close above $613.5, which would be North of a Seam of Windows (Gaps) that have been prevalent since the primary move in April.

When I get Charts sorted I will post a visual aid.

Happy trading.
 

andycan

Established member
630 28
superb also 615 on the dec contract is the breakout from the flat bottom i suspect we will pop over the resistance line sucker the buyers then drop and drop hard as they try to cover longs

Andy
 

The Baptist

Established member
715 45
Watch the Window seam all through Gold

Hi,

Gold failed to close the gap on the window recently and has fallen back from its original effort.

This is bearish for now, bulls will require a close above 613.5.

The dotted black lines on the chart are previous gaps. Note the fall back hammer of today found support at previous gap levels, A higher base may be built just below the 'window seam' before attempting to breach this zone of significant resistance and support.

Note how previously it was support , circled in purple. I am still more disposed to the price getting above the 613.5 mark then not, although clearly not in one brisk move, after todays knock back. Lots of gap resistance around 630 - 645 level when breached and this would be my suggested turning point range for the next upleg before drifting down again.

Enjoy the Chart
 

Attachments

andycan

Established member
630 28
i took profits from long, i hate counter trend moves, this is a bear market
but structurely its still bullish short term, we hit 612.5 structure says more up im on the sidelines now questioning do we correct deeper before we go higher or do we still pop as the last bullish efforts
the weekly is neutral the daily is slightly bullish the 60 is bullish.
the bottoming action allows a move to 627 ish
by downside target was 601 ish it went to 599.2 did not compensate. the down moves should overshoot the structural lows so far going more or less as planned but if it did drop it would not be a great surprise as im bearish long term
 

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