Here are three charts that show something a little different in that the new high is limited to when you price gold in USD. That is represented by the red line in all three charts. The blue lines represent the price of gold in EUR, AUD and JPY. None of these other three have moved up to a new high recently. This does show how much the value of a currency market can influence the price of a commodity. I will leave it to others to debate the significance of this as my only intention here is to show another window to observe a market. Make no mistake about it though, all three charts show how far from the lows this commodity has risen no matter what currency you use to buy it. But the divergence this year is, if nothing more, interesting to say the least.

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great prediction earlier speculator!

We've been given yet another opportunity...

We're in the midst of a wave 4, wave 3 wave was a perfect 2.618 of wave 1.

USDX is in for some pain over 1100.

Daily fib numbers coming up @ 1111 & 1137 (1.618 of 1), I'll repost my gold wave count here as it tends to get washed away in the elliot wave forum.

That was a pretty weak wave 4!!

Gold continues to triumph. The gold bears deserve what they are getting.

Here is the hourly story for the week, possible we test channel highs.

Daily fib numbers could come into play but targeting ~1140..and it's getting on the verge of ridiculous! It can be assumed 1156 will behave just as 1089 did (magnet action).

No trend line breaks, all red lines should be bought aggressively while we are trending.

Gold reaches another all time high.....the USDX approaches oblivion!

We're over the first daily fib number, the short term trend might be running out of steam, unless a force comes out of nowhere and pushes us back over the previous trend line.

Bulls may need a bit of break here.


The second trendline would be solid support to buy.

speculator....thanks for keeping these charts going. They're very helpful. Hey, how about that gold rally huh? Awesome isn't it?

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Welcome back!

lol were what only 100$ higher since you left??!

Ya it's crazy....and the G20 and IMF didn't fail us either...

"USD OVERVALUED"

"STIMULUS WILL NOT END"

They gave everyone the green light to short and borrow USD for the next year!

I would suppose the next shoe to drop will be china or russia announcing the purchased the rest of the IMF gold closer to $1100 or higher than the $1045 purchase.

Jim Sinclair (Welcome To Jim Sinclair’s MineSet) had this to say about Gold yesterday...

He called bs on the IMF selling gold and now we find out their selling propelled us over 1000 and into 1100....

He has been calling for an event measured in hours which will take the USDX into .60s and .50....

He now says this event is weeks away.

Gold is the canary in the coal mine......USD bulls are cooked...

hı speculator84.

where are we in your bıg chart?

So i'll admit I did lighten my load a bit. On the hourly price hit that first wave 5 target (where my arrow was and has so far retreated in a impulse like fasion!).

I'll be buying any dips that reach my second trendline, currently...1080s and of course the daily support @ 1071.

The bears did get some attention.


Hi Sheldor,

By big chart did you mean daily?

In some circles we are in a stepping pattern, I've outlined it on the daily. Let Fibonacci be our guide for the next level.

Should price carve out another "step" I would call it another Elliot wave 1-2 series. The 3 of all these 1-2s will probably blast us into the stratosphere (1387).


I'll throw this out there as well. Delta theory has gold marking a low on Nov 2 + 9 . Which is tomorrow, the accuracy is +/- 4 days ! lol so next week is our bottom.

Some useful info...if your new to trading gold, you definitely want to get up early and take profit before comex and the stock market opens.

speculator, so looks like you're calling for a very near term top on gold....correction..and then another rise upward correct?

Your charts are very helpful. I appreciate you being so consistent in placing them in here.

Would love to see your latest charts on oil too.

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The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.

Sean Hyman - DailyFX Forum Moderator - shyman@dailyfx.com

I'll see what I can do on the oil Sean.

Yes, a "pause" for the bulls it would seem is in order. At least until that stair pattern is broken. Of what magnitude...i'm not sure but I think it's safe to say pause until monday morning.

The goal here is to try and front run the central banks buying gold on the dips!