I honestly think that at least for the next few year or so we are not going to see a high gold price. $2500? I wish, doubt we would reach those levels in a very long time. Even if we do there is going to be a correction regardless so those levels won't last to long. Gold is going to have a large correction in the upcoming year, specially towards the end of the summer. The aggressive hike in gold prices can't continue at the rate it has been going. A lot of the ElliotWave charts I have seen both my own and someone else's agree that we are nearing the end of Wave 5, which means we are going to have a correction probably dropping us bellow $1,000 if not reaching $700.
Can you please elaborate on the 10-12k gold? I am not really sure what you mean.
Thanks.
What I ment was gold is going to phase transition into a new range of probably 1800-2500 which will probably last a good year or so, maybe 18 months.
Once that is over Gold will start to rise parabolically into another phase transition of between 8,000-$12,000/oz by 2016.
If you guys think that is outragous you need to look at the silver market, it is still in backwardation...
As of right now you cannot get silver in size over 20,000oz. That's 1 million measly dollars. Anyone wanting 1 million worth of silver in physical cannot get it. Maybe with a 50% premium. You certainly cannot stand for delivery of comex contracts.
Right now you can still sink 10-100m into Gold...soon you won't be able to get even 10 million in physical.
Supply is drying up, this is how parabolic moves happen.
What I ment was gold is going to phase transition into a new range of probably 1800-2500 which will probably last a good year or so, maybe 18 months.
Once that is over Gold will start to rise parabolically into another phase transition of between 8,000-$12,000/oz by 2016.
If you guys think that is outragous you need to look at the silver market, it is still in backwardation...
As of right now you cannot get silver in size over 20,000oz. That's 1 million measly dollars. Anyone wanting 1 million worth of silver in physical cannot get it. Maybe with a 50% premium. You certainly cannot stand for delivery of comex contracts.
Right now you can still sink 10-100m into Gold...soon you won't be able to get even 10 million in physical.
Supply is drying up, this is how parabolic moves happen.
Spec..84
Please post your EW chart of Gpld price .
The problem being, as I see it, is that we may lose a lot of upside action before it gets down there.
Gold is forming a double top on the H1 chart around 1532 - and the lower part of that DT is 1508, so if it does not break 1532 in the next 2-3 hours we could see that pull back to ~1510.
This could also be a consolidation move towards a very nice high on H1 also, and we could see 1550 in the next few hours.
Gold is forming a double top on the H1 chart around 1532 - and the lower part of that DT is 1508, so if it does not break 1532 in the next 2-3 hours we could see that pull back to ~1510.
This could also be a consolidation move towards a very nice high on H1 also, and we could see 1550 in the next few hours.
Hi !
I see this is not a good buy/sell entry .
I'll wait for a pull back .
Gold is forming a double top on the H1 chart around 1532 - and the lower part of that DT is 1508, so if it does not break 1532 in the next 2-3 hours we could see that pull back to ~1510.
This could also be a consolidation move towards a very nice high on H1 also, and we could see 1550 in the next few hours.
Gold is still holding at resistance at 1530. Perhaps a steady up channel forming?
It is Silver that has a concerning double top, the second being lower (April 24th and today). The next few hours should tell us that resolution.
I agree I should have given my reasons early. Here is the chart I attached a few posts ago. Fibonacci is only made based on Wave V not the entire impulsive movement.
Right now we are in a (4th) wave correction of a larger degree wave V, this one is very small. This correction is small and probably won't make a difference in the bigger picture. However, the larger degree correction will be large estimating Wave "V" is also a larger degree Wave 1. Meaning that the ABC (circle) correction or Wave II will be considerable. If we use fibonacci to estimate the levels it will reach we can see a considerable correction even in the 38.2% level, we are going to see a dip in the gold prices.
Silver is in a similar situation, though I am only getting familiar with this pair I will be estimating a similar movement by the metal.
Am I alone in thinking you rely very heavily on EW, it is only one guide of many, sent to give us clues? It does not account for Ben's little chat yesterday, MENA, and PROC machinations and quakes.
Even if they work, the reading, count, and interpretation differ, surely? Then the Markets may not be using EW either! I think they are all useful possible scenarios.
Gold is still holding at resistance at 1530. Perhaps a steady up channel forming?
Could be both - gold is forming a rising wedge on H1, last 10 hours, which indicates a fall. But yes it could be a consolidation only for a higher run.
It is Silver that has a concerning double top, the second being lower (April 24th and today). The next few hours should tell us that resolution.
Nice catch, I didn't notice that.
Also worthy of notice here is that there were triple bottoms bouncing on 26th 00:00, 26th 10:00 and 27th 10:00, which have essentially now bounced back to ~48-49 which would have been expected. This entire 44.5-49.5 range could have been a consolidation for a run up
On H1, it's forming a triangle since 24th.
So we have more options for a rally but still one good chance for a fall. Double tops seems unlikely to me on Silver, they'd indicate a huge fall.
But thanks for the tip on the double tops, I would have only looked for a breakout below 47.5 or above 48.5, I see it could be much different.
I'd noticed the triple bottom - but there ain't no such thing..........
Now Silver seems to be doing it's own thing with little regard to gold or WTI, and not a great deal more to $ either. It may/is going ferrel? At the moment I am more inclined to a sudden and possibly massive pull back in Silver.
Yeah it is safer buying when pull back complete ,for Silver buying zone is from 46-47 ,38.2-61.8 retrace .1H chart forming H&S price should be below 47 .
Is that correct ?
Last edited by Goldpro; 04-28-2011 at 06:11 AM.
Reason: z
USOil 4-Hour Chart: Volatile Price Action After Bearish DOE Inventory Report
Originally Posted by Gregory McLeod
USOil 4-Hour Chart: US Distillate Numbers Could Break Oil Out of Triangle. Numbers will be released at 10:30 ET/14:30GMT
USOil 4-Hour Chart: Volatile Price Action After Bearish DOE Inventory Report and FOMC Rate Decision- Bullish and Bearish false breakouts from an established triangle chart pattern.
Where do we go from here?
Last edited by Gregory McLeod; 04-28-2011 at 06:46 AM.
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USOil 4-Hour Chart: Volatile Price Action After Bearish DOE Inventory Report and FOMC Rate Decision- Bullish and Bearish false breakouts from an established triangle chart pattern.
Where do we go from here?
For my point of view Oil is going back up breaking $113 level
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Originally Posted by DonTirano
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