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Quick Precious Metal UpdateXAU/USD – Weekly What a week! $1670 held again as support during the Monday morning flash crash (which was most probably driven by a large liquidation). The weekly candle looks ugly but in terms of the range and support level I talked about last month there is not big change in the bigger picture. For the patient traders who work with limit orders it was a good opportunity to get some long exposure. For the longs, $1670 needs to hold and for the more risk averse ones we need to see a break to the upside through the base line which comes in at around $1845. XAU/USD - Daily As mentioned in my previous month comment the dip enabled patient buyers to get some long exposure. Currently the price is sitting right at the large liquidity pool of $1750 and it probably will consolidate there for a while. Last week we quickly got tricked by the price pushing through the base line but then on Monday straight through it on the downside again. What remains is the confluence of the $1845 which seems to be the current resistance plus the upper end of the Ichimoku cloud. This is an important level for the bulls. I am expecting some buying momentum to come in if/when we break that level to the upside. The downside level to watch remains the $1670. XAU/USD – 4 hours Yeah… it looks ugly I have to agree. There is not much to add on this chart. It does not show any immediate trade setups. XAG/USD – Weekly In no mans land. We are between the two larger liquidity pools which I have drawn already last month. Both of my bullish pattern (the flat and the triangle) are out of scope now. No trade setup as long we are in the middle of the range. XAG/USD – Daily Pretty much the same story here. The $22 level shows some intermediate support but I would still wait till we are closer to either the upper or lower end of the range and then check for a potential trade setup. XAG/USD – 4 hours It is looking a bit clearer here in terms of bullish trade setups. We need to take out the $26 level before even thinking about any long positions. The downside is already covered by the range we defined on the daily chart. GDXJ – Weekly Many potential bullish patterns got erased with the Monday flash crash in Gold. Same here on the potential symmetrical triangle. The Ichimoku cloud is still bullish but the market sentiment does not feel bullish. $31.50 is the support level to watch. GDXJ – Daily Maybe we are in a downward moving channel and currently just sitting on the lower end of it. For the brave ones go long here with a target towards $47. But there is no clear stop, so I would rather play it as a 3-leg strategy to go long the first leg now. Place a second bid in the $37 region and the last one at around $33. Then you can place the stop just below the $31.50. Your target is in the region of $56. GDXJ – 4 hours No additional comments to make on the 4 hours chart I am afraid…
OANDA:XAUUSD
by Heussi
1
PMs - PLATINUM - Fractal ApplicationIntroduction to Fractals: Although prices may appear to be random, they actually create repeating patterns and trends. One of the most basic repeating patterns is a fractal. Fractals refer to a recurring pattern that occurs amid larger more chaotic price movements. - Taken from Investopedia Fundamentals Notes: - Initially, inverse correlation with stock market, but Platinum reaps the benefits of industrial use in clean energy strategies, we foresee a decline in the stock markets until EOY, and recovering early 2021. PMs' technicals seem to support this sentiment. - Interestingly, there was a consolidation and accumulation period from 2015-2019, and the automatic rally from the last sell-off in March 2020 was used as a spring to achieve new local highs, but this type of pattern typically results in a decline, once distribution has ended. - However, we are in a greater trend, and while it seems that we have entered a higher channel, volatile sell-offs can be seen as bearish , and we believe the decline will continue once the short squeezing wash-out is over and retail excess diminishes, and support will be tested before further decision. I posted a forecast previously, but I liked the Fractal Application, so I decided to make it its own idea. Link: My Wyckoff Method Application post, which this strategy builds on: GLHF, DPT Disclaimer: We absolutely do not provide financial advice in any shape or form. We do not recommend investing based on our opinions and strongly cautions that securities trading and investment involves high risk and that you can lose a lot of money. Loss of principal is possible. We do not recommend risking money you cannot afford to lose. We do not guarantee future performance nor accuracy in historical analyses. We are not registered investment advisors. Our ideas, opinions and statements are not a substitute for professional investment advice. We provide ideas containing impersonal market observations and our opinions. Our speculations may be used in preparation to form your own ideas.
TVC:PLATINUM
by UnknownUnicorn1043646
PMs - PLATINUM - Model ForecastModel Forecast for Platinum: - Line of Least Resistance determined for PLATINUM. - Initially, inverse correlation with stock market, but Platinum reaps the benefits of industrial use in clean energy strategies, we foresee a decline in the stock markets until EOY, and recovering early 2021. PMs' technicals seem to support this sentiment. - Interestingly, there was a consolidation and accumulation period from 2015-2019, and the automatic rally from the last sell-off in March 2020 was used as a spring to achieve new local highs, but this type of pattern typically results in a decline, once distribution has ended. See the fractal from 2008 below. - However, we are in a greater trend, and while it seems that we have entered a higher channel, volatile sell-offs can be seen as bearish, and we believe the decline will continue once the short squeezing wash-out is over and retail excess diminishes, and support will be tested before further decision. GLHF, DPT Disclaimer: We absolutely do not provide financial advice in any shape or form. We do not recommend investing based on our opinions and strongly cautions that securities trading and investment involves high risk and that you can lose a lot of money. Loss of principal is possible. We do not recommend risking money you cannot afford to lose. We do not guarantee future performance nor accuracy in historical analyses. We are not registered investment advisors. Our ideas, opinions and statements are not a substitute for professional investment advice. We provide ideas containing impersonal market observations and our opinions. Our speculations may be used in preparation to form your own ideas.
TVC:PLATINUM
by UnknownUnicorn1043646
PM 50%This week I've been watching my scans for signals that fit my strategy. I have not yet seen potential trades that fit my strategy; bullish nor bearish. Today I got two signals that fit my criteria on NYSE:PM and NASDAQ:LRCX ; shorts. PM is looking to hold a 50% level. LRCX is setting up a potential double top. I'm not yet sure of the market sentiment coming into this year. Shorts in a bull market are obviously a low probability. These two are going to serve as test cases to watch from the sidelines. Depending on if they work or not I will have my first clue of 2021.
NYSE:PMShort
by norok
Watch out for SilverSilver appears to be nearing the end of wave 2 (correction) and wave three to begin there after. I think we could see a dip in the price down to $20.55 before rebounding sharply. If momentum is sustained look for it to touch $41 Silver could be the number #1 performing asset of 2021. In the larger scale we have the completion of a cup and handle formation that began 41 years ago. Considering the years of silver price manipulation, we can analogize this to a coiled spring, bursting with potential energy. Huge bullish sign in my view :)
TVC:SILVERLong
by jdharward