Goldtent TA Paradise

Gold volume

1. DaveintheUK says:

   July 17, 2018 - 11:10 am at 11:10 am

   That’s a big breakdown. It is $10-$15 below the line in the sand for the uptrend since Dec 2015. Unless it’s a massive false breakdown (this seems a bit doubtful, doesn’t it?), surely this marks a much longer correction of the Dec early 2016 bull market leg or the end of that particular bull run.

   On the other hand, this is about the weakest time of the year, though gold has had many lows during this bear market right at the end of June (2013 probably the best example but there are other too in the last few years). Normally mid-July would have seen a pulling out of that low but not here.

   There’s a great discussion being going on her on GoldTAdise about whether we are in a 1927-1929 situation and whether the US dollar is going to do its normal 8 year downtrend soon or break out to a spectacular high on a new credit crisis or collapse of Pound and/or Euro on the Brexit, which will never happen anyway. Keep em coming guys!

   http://1000gold.blogspot.com/2018/07/line-in-sand-for-gold-around-1230.html
   Gold Dead, dead, dead?

   http://1000gold.blogspot.com/2015/11/breakout-from-long-term-us-dollar-bear.html
   Who knows? Whether the US dollar continues on 8 years up 8 years down as per last 45 years or turens up gradually into secular uptrend or explodes higher to 160 on breakout from falling wedge formation (that looks different on linear and log charts).

   http://1000gold.blogspot.com/2015/11/re-visiting-old-chart-with-gold-target.html
   I’ve no idea how this chart in the link above has progressed since when I did it in 2015. I just included it here for mischief. Potential gold target was $780 and I was already looking for head and shoulders formations in gold, though this chart had a different tack.
   This chart was based on the action before the top in the bull market particularly in 2006-209.

   • DaveintheUK says:

     July 17, 2018 - 11:17 am at 11:17 am

     Mt third link was based on a kind of fractal or possible larger scale self similarity between the move in 2007-2009 and the entire gold top. Gold has built a right shoulder above the neckline since then, probably broken now?

     Gold has also popped out of its Andrew’s Pitchfork in force since Sec 2015. That’s also important cuz I think they are pretty cool chart indicators that often seem to work.

2. DaveintheUK says:

   July 17, 2018 - 11:18 am at 11:18 am

   It’s interesting from your two charts there Mortdiggiddy – today’s volume has completely re-set the volume scale, just to accommodate it. It will be interesting to see how the volume looks on the longer term chart at the close today and at the close of the week. Looks like it will be large compared to anything in the last 2-3 years.

   • DaveintheUK says:

     July 17, 2018 - 11:19 am at 11:19 am

     Couldn’t we all just FEEL this one coming??

3. Mortdiggiddy says:

   July 17, 2018 - 4:48 pm at 4:48 pm

   3rd week of July is typically a market top with gold bottom, so this seems… normal? GBPUSD capitulation today on some bad Brexit news.
   https://imgur.com/a/SJfOeNy