Whatever your opinion of gold is at the moment, the market is afraid to move outside of the KEY BREXIT LEVEL from 1250-1358. Sure that is a wide range to operate in, but that level has contained the market since June 28th.
The "Highest Low" hasn't been outside that range yet and the "Lowest High" hasn't either.
The giant bi-distribution pattern around $1255 and $1325 as seen in the volume pattern on the right means the market has two scenarios it is trying to discount.
Short term there is a small, 7-day uptrend in place from the 7-day accumulation pattern that set-up from 1255-1257 through the 17th of October. When that rally phase ends, a decent trade is to shoot for a retest of that level. It could lift to 1279-1281. Risk is $10 on any position. The rally phase ends Wednesday.
Short term: Long for a rally to 1279-1281. After that, short with a target of 1257, 1291 stop.
Komen
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Gold now has an 8-day uptrend signalling, which is a bullish, accumulation signal where new buy signals occur at higher prices. This new structure implies a move to 1295 over the course of the next 8 days.
Komen
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Gold is going along the project path (amazingly)
Low risk entry here with a stop under the 8-day mode (the black line)
Target practically reached and only a day+ remains in the 8 day rally.
Komen
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The original idea was to short on the rally to 1279 zone, but that never set-up in a logical way. If you are trading this and are looking for direction, stand aside.
I did post an even higher exit in the Key Hidden Levels Chat Room, but I didn't update this here. If you want to be on top of my latest view, see me there in KHL's chat room.
Tim 4:39PM EST Nov 7, 2016
Komen
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BREXIT is still CONTAINING GOLD.
Komen
KhunHunSein
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so amazing
A-shot
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"I don't know what to say at this point." Open the champagne sir. Or just bring it if you want to see it unfold to the fullest
TTGold
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I think your prediction is still valid. Take out the sudden spike/drop as it's not normal.
A-shot
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Interesting updated, thanx for covering gold
timwest
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Thanks @2use
IvanLabrie
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This couldn't be any better, top hit with precision even.
AL_G2
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killer chart
IvanLabrie
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I've banked my metals and Euro positions, I'd assume this is going to retrace. Great stuff as usual Tim.
PhilCui
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Hi Tim, I'm learning TAM. in this chart I count 8 bars from 10-07 to 10-18, and the mode price is about 1255.35, is it wrong?
timwest
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Sorry Phil - I just saw your question. If you could make your bar chart much larger so you can see much better, that would be a good start. Notice how I counted it above and see the differences.
When the market "range expands" away from a zone, don't count that time as part of the mode because it means the market is moving quickly away from that level. So it seems the last bar isn't counted as part of the mode, and therefore it is only 7 days. Then, notice there is a mode at a higher level, which is as long or longer, so that mode becomes the new measuring stick. Try to show just the bars in the window so we can see much more clearly. Indicators are not that necessary once you know how to read just the bars all by themselves.