Showing posts with label CnH. Show all posts
Showing posts with label CnH. Show all posts

Sunday, February 10, 2013

MMM Weekend Update 2-10-13

Gold - Showing more weakness near the end of last week, producing a bearish cross-over of the QG3. A short position or hedging of physical metals would be prudent with appropriate stops:



And with the Bollinger Bands clearly 'pinching', a thrust out of this consolidation period could come very soon:



A fight in this price zone has taken place before. The bears won the last battle, will they win again?:



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Silver - Same as gold, losing much of it's momentum, with the QG3 very close to producing a bearish cross-over:



Silver also feeling the 'Pinch':




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Platinum - The QG3 is still in a bullish alignment, however weakness in Gold and Silver and USD making a bullish cross-over suggests caution would be prudent with appropriate stops or hedges. Though a Handle is complete with the bullish pattern below, beware of a possible back-test of that handle down below, currently at 1571:



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EUR/USD - A bearish Inside Key Reversal was printed on the weekly chart. The close for last week was in the lower 10% of it's range, so further downside should be expected this week:



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USD - A second right shoulder of a MT bearish SsHsS could emerge over the next few weeks:



The longer term picture still suggests more downside for USD, as long as it remains inside the current Bearish triangle:



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For daily email updates on the Gold, Silver, Platinum, GDX, GLD, SLV, Euro and JPY markets using the QG3 subscribe here: QG3 Market Signal Service

The content in this blog post if for informational purposes only and is not a recommendation to buy or sell any financial products or securities.

All the best to you this week,
Quad G







Sunday, January 6, 2013

MMM Weekend Update 1-6-13

Gold - Wow what a wild ride this week! I didn't expect a new low into secondary (and final). The FED meeting was able to jawbone down PoG. 'Scary words' caused some traders to flee. However, the end of the week rally has some promise of a potential recovery.



Other Hammer examples that provided support:







To confirm a bottom and reversal, gold needs to close this week at or above 1695.
What was ounce a straight forward EW count in gold, has turned into a mess, no comment for now.

Gold-JPY (yen) is also hinting at a break-out higher:



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Silver - Completed it's 5th wave down as expected, presenting a 'text-book' 5-3-5 corrective zig-zag pattern:



Silver must now stay above the lower channel line on a daily closing basis or risk collapse:



Silver also produced a bullish daily hammer setting a potential bottom at 29.23



The Weekly close in Silver presents possible bottoming action, but needs confirmation with a close this week above 32.31:



Other examples of doji tops and bottoms:



I made an intra-day call at www.Kitcomm.com early morning on 1-4-13 that played out very nicely:



More upside is likely in the ST:



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EUR/USD - Back test came as expected. If successful, price should rally back up above 1.3300 fairly soon, possibly this week. However, breaking keys support (orange trendline, currently below at 1.2961) could cause a collapse:



The recent top and back-test was fairly easy to identify:



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Grains - Soybeans could have some serious downside, if price remains below 1433 much longer. The QG3 ribbon is still fully open to the downside, best to keep short at this time.



Corn hit support target range this week, but must rally back up above 684 or risk further downside.

Wheat still bearish while below 787.

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I'll be 'filming' my video next week. All my extensive back-testing of the QG3 (3/10/20 ribbon) is complete and looks very promising.

When my signal service and video are ready I will email those who have shown interest ASAP.

Happy hunting!









Sunday, December 16, 2012

MMM Weekend Update 12-16-12

Gold - More ST weakness is possible this week, with another dip deeper into a support zone between 1640 and 1680. However, I suspect that if a trendline break above 1736 occurs this week, a bottom could be in to finish the MT handle of the previous cup.



The action last week, posted a bearish candle which keeps the 3/10/20 ribbon bearish for the time being.



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Silver - In the same predicament as gold. The top channel line is a key determinant.





Trade School - For those who trade ST, here is a very important indicator to keep track of on a weekly basis, no matter which market, silver shown for example.



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Platinum - is exhibiting some bullish tendency while above critical ST support.




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EUR/USD - Last week gave a very bullish impulsive wave to the upside. It's very possible that wave {iii} is under way with a breach of a bullish CnH rim-line.



Zooming out we can see how the smaller CnH pattern is part of a larger bullish iHnS pattern.



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USD/JPY - So far has produced a picture perfect impulse wave to the upside, a few more undulations to go.



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30 Year Bond Price - Moving up into a bearish rising wedge, likely a major generational top(60 years?) forming for this market.



If one were willing to bet the short side of the bond market, the ETF TBT could be an excellent vehicle. Though one more drop in TBT could be realized in the ST, once critical resistance (CR) is taken out, the bottom is likely locked-in.



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Natural Gas - Hit $4.00 target, a large open gap below may act like a gravity well.



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Soybeans - Have rallied from the bottom I called a few weeks ago to break key MT trendline. Key MT resistance is above at 1580ish.

Wheat - CoT Commercial and large traders are even while price hovers above support at $8.00

Corn - Key resistance at 745ish. A bullish double inside key reversal seen last Friday.

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Have a great week!









Sunday, December 9, 2012

MMM Weekend Update 12-9-12

Gold - Has shown some ST bottoming potential last week, but the 3/10/20 ribbon is till bearish, so caution is warranted.



A ST EW count suggests a bottom is complete or near complete, which could usher in a 3rd wave surge up to 1806ish. All conditional on price remaining above critical support of 1672.69 this week.



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Silver - Is in a tedious spot. The 3/10/20 ribbon is very close to turning bearish. Price must recover and close above the 10EMA to prevent a cross-over.



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EUR/USD - The bearish collapse this week had some tell-tale signs. An Ending Diagonal (ED) is a weak 5th wave move that is often retraced fairly quickly:



I anticipate that this pull back is wave A of 2, a wave B bounce could develop this week.



A Cup and Handle could be forming, almost a polar opposite of what occurred in the first part of the year.



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USD - The rally last week did have some advanced warning.



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USD/CHF - A potentially very bearish long term EW formation would suggest that one more 5th wave down could be underway.



Since USD/CHF generally runs inversely to the price of Gold, an anticipated downward move in USD/CHF would support a rise on Gold price.



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Crude (WTI) - Has some bullish potential, but price MUST stay above 77.30ish or risk a possible collapse to 45ish.



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Thanks all for the support, much appreciated.

Sunday, October 28, 2012

Weekend Report - Gold and Silver


Hey All!

Back in the saddle again! I'm likely to have a good niche of time on the weekends to produce reports here on the blog, complete with charts. I'll still keep a presence over at www.kitcomm.com , chiefly at my thread Major Market Movements www.kitcomm.com/showthread.php?t=41880

You are welcome to leave questions and comments here, but I will not likely respond until the following weekend.

Gold and silver appear to be poised for a trend change soon. The past few weeks have shown some trepidation, possibly due to the uncertainties surrounding the upcoming elections. I suspect long term (LT) speculations will set in, producing a good sized trend after the elections are finalized.

Gold has a series of fibo turn dates coming up on the 30th and 31st this week, which also roughly correlates to a full moon on the 29th:








A turn this week could complete a bullish Cup and Handle (CnH) pattern with a projected target of 2066, which coincidentally, is also double the 2008 high of 1032:



In the short term (ST) gold may have formed a bullish iHnS, as part of a break out (BO) and back test (BT):



Even though Gold has some potential bullish behavior ahead, it's prudent to regard the 3/10/20 ribbon which is still in a bearish alignment:


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Silver of course is in the same boat as Gold for the most part, displaying some of it's own bullish patterns.

Silver is also posting a (CnH) as part of a break out and back test:



Which is all part of a very bullish rounded bottom that has formed over the last several months:



Candlesticks on the weekly silver chart shows a unique combination:



The 4hr MACD chart often provides some clues regarding mid term (MT) trend changes:



My primary focus will remain gold and silver, but I do enjoy watching other markets as well. If you have a particular interest in other markets please make a request known and I will do my best to comment and post related charts next week.

Have a good week folks!