We should have a fantastic opportunity to buy gold down at 1315 next week. It appears very likely that we'll be retesting key resistance that is now support (2015 high @ 1307) with our last quarterly closing above that.
Watch for deceleration and a rejection of the 50/60 ema, bottom of bullish penant, and 1307-1315.10 area. This should coincide with an oversold RSI.
Based on Martin Armstrong's Socrates model, if we close below 1315.10 on the daily we could see a move down to 1270. That line must hold for us to buy.
Trade Management:
Watch for deceleration and a rejection of the 50/60 ema, bottom of bullish penant, and 1307-1315.10 area. This should coincide with an oversold RSI.
Based on Martin Armstrong's Socrates model, if we close below 1315.10 on the daily we could see a move down to 1270. That line must hold for us to buy.
Trade Management:
- To head higher long term we must close above 1362. This is a KEY monthly reversal level and will determine whether we make new highs or new lows.
- The next target is a close above the weekly reversal around the 1391.5 area.
- I will hold this for the next year or two, continuing to scale in on pullbacks until the dollar bottoms out late 2017 into 2018.
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