When it comes to anticipating Gold’s next move, we need to acknowledge one of the fundamentals of trading: An answer to the question: “Just where are GOLD prices most likely to go next?” is valuable information.
This is especially so, when the techniques used have been proven over and over again over the last 4+ years to be highly accurate as to timing and price targets (as it has with this website and our sister site www.money-tigers.com).
What everyone wants to know is just to the right of where the chart below stops.
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The GOLD market has signaled new price weakness that should manifest within the next few days at most.
The next move should be strongly downward with some support at around $1205 and stronger support at around $1183.
If prices take out the lows, then $1140 should become the next target low to watch.
However, should strength come back into the Gold market prices would first have to penetrate and close above $1240 on the daily in order for Time & Price to re-establish themselves as a continuing uptrend. – George [/private_WD Gann Trading Secrets Group]
Continued declines have pushed stocks close to a trend shift point as shown on the chart below:
As October is historically a month of both declines and beginnings of bull markets I’d expect one of these two price lines to be a bottom.
The bull market that has been the stock market for the last year makes me choose the lowest price line (1640)as the one most likely to hold the bull market trend intact. If prices break below 1800 in the S&P 500, prices will have little to hold them back from 1640. – George
The predicted S&P 500 support price was reached today.
Our initial support price was reached this morning and prices bounced upwards from there. This may not be the bottom yet, but, gives confidence that the market is following a predictable pattern. – George
THE PRESENT OCTOBER MARKET SLIDE IS EXPECTED
There is an expected S&P 500 October market slide bottom that is acting out on cue at present. If you look at the S&P 500 chart below you’ll see a green horizontal line on the chart. This represents where we can expect to find some price support or slowing of the decline should it continue downwards.
You’ll note that this green price area is above a previous breakdown low which would mean that the public wouldn’t expect prices to stop there, making 1830 an ideal potential pivot point for price.
This doesn’t mean that prices can’t go lower than this, but, time is running out for the expected bottom to occur. Should 1830 be broken through with downtrending prices, we’ll begin to accumulate the first of the confirming signs of slowing down of the bull market uptrend.
Taking out the 6-month lows would be an occasion for pause in our bullish outlook and warrant extra caution in expectations. This will happen someday, but, it hasn’t happened yet. Stay alert though. – George
It’s been another interesting week full of panic headlines. Stock market prices took up the panic cry and made lower lows on several indexes.
Both you and I know that, eventually, this soaring market will end it’s up-cycle and decline. When it does it will be indicated by lower prices; lower lows and lower highs. Here’s the question though: ‘Are the first lower lows enough of an indicator for us to take action?’
The definitive answer is ‘No’ and this answer is based on empirical facts which the historical S&P 500 chart below will show.
The red horizontal lines on the chart show all the times when lower lows were made over the last 12-months. On 5 (out of 5) occasions lower lows were made which led to, not a collapse, but, HIGHER HIGHS.
We’re now in the 6th occasion of lower lows, and, while any collapse in prices would have to make lower lows, I submit that we don’t have enough other confirmations to change from a super-bull uptrend to a down trend.
There’s a natural ‘respiration’ to markets just as in Human Beings taking a run. Sometimes, one has to ‘catch one’s breath’, recover a little and then press on with the run. It’s the same with the market. As we’ve seen previously 5 times now in the last year, there’s been a pause in the upwards ‘run’ followed by renewed strength and a new surge forward. A pause only rarely signifies quitting the ‘race’, and, there, would be other symptoms that would accompany such as dramatic shift.
The rediscovery of these WD Gann lost secrets (and many more) as well as other completely original discoveries are available to a limited number of students each year through The Harrison-Gann Trade Secrets Master Course. Contact me by e-mail for price and availability by clicking the box below.
Today’s financial reading was much of the same foggy speculation, but, even so, I found it irresistible to point out one particular article’s lead headline (source mentioned on the chart) which went: “
This headline’s effect (on those less mindful than those of you who frequent this website) was to stampede traders to buy and sell the markets mentioned.
The operative emotional trigger keywords were ‘Silver Soars’ and ‘Dumps Most in a Year‘. Our approach on this website is to dispel BS using the pure reality of the price chart as our ‘magic glasses’ to see what’s really going on.
Let’s look at the Daily chart for Silver to crosscheck the ‘Silver Soars’ statement:
As the chart above shows, this ‘Silver Soars’ headline is a NON-EVENT on a daily chart of silver prices. That lonely green bar is supposed to change our minds about the solid, months-long DOWNTREND?
I think not.
How about the US DOLLAR then?
So sad to hear that it “crashed by the most in over a year today.”
That sure sounds like a heck of a slide. It must be a massive red line on the chart then, yes?
Instead we look at a US DOLLAR chart and see this . . .
Take a few moments to look at the dollar chart above, because, if you don’t take your time, you’ll probably miss the great ‘dollar crash’ they’re writing about!
Now, I know that the writer is referring to the percentage move, but, that’s not the implication of the headline as written. What was written ended up being extremely misleading and alarmist.
Obviously, when one goes and investigates for themselves just what the markets referred to are doing, the exaggeration of events in these headlines stands out and begs the question of ‘how can events be so mis-written?’
We can just call it poor writing due to inexperience. That’s the kindest assessment we can make. The other alternative is more likely but will go unwritten at this time.
Does someone want traders to Buy Silver and Sell the Dollar?
Those that followed such headline suggestions would find themselves on the opposite side of two very strong price trends leading to likely losses and profiting those trading with the stronger trends and taking the very opposite positions suggested for others.
The bottom-line for us as traders and investors is familiar; we must check all opinions heard or read against the reality of the price chart. In this case the ‘greater fool’ would be someone who jumped and reacted to these headlines.
Examine the charts and provide yourself with tools to better ‘foolproof’ oneself from speculative opinions. – George
Take some time to examine some of the testimonials from purchasers of the Excalibur Method analysis technique.
This method and the advanced techniques included within the proprietary Harrison-Gann Trade Secrets Master Course are needed more than ever to locate and harvest the many opportunities that come with ‘interesting times’ of financial volatility.
I’m selling only a few more copies of the Excalibur Method before the end of this year and am accepting a few new students for the Master Course. E-mail me for details and availability if you wish to avail yourself of this hard-won market information. Thanks. George
Yes, there’s plenty of action in FOREX Markets trading intraday, but, to gain a solid feel about the major trend in the currencies, we really need to examine just two items.
As most of the popular currency pairs are defined in comparison to the US DOLLAR, the real test of strength or weakness comes down to just two questions:
Answer just these two questions, and you’ll know which way the winds-of-change are blowing in the economic world. You don’t need to read essays, stockpile advanced degrees or have inside ‘hot’ tips to do this. In fact, we can use an entirely visual approach that will yield solid, profit-oriented information.
Let’s do it, starting with the two questions again, but, this time using visual only answers without emotionally-loaded words, symbols, descriptions or opinions:
Now, for the second and last question:
There you have it. Your own eyes have provided enough proof to enable you to bypass all the ‘news’ that talks up the case for Europe or the state of the economies of any of the nations behind these currencies.
The US DOLLAR is STRONG. It’s the king-of-the-mountain for currencies at present. This isn’t a political statement, just a statement based on the truth of the chart. A Long position in the US DOLLAR is the winning trend at present. In like manner, the facts are (as you can plainly confirm from the above charts) that the EUR, JPY, CHF, AUS, CAD, GBP and NZD are WEAK Currencies.
All of them. Short positions in these are the winning side for profitability at present. As WD Gann used to write, ‘test all things’. I’d add, test them for yourself instead of trusting others opinions. – George