Video

Kim Cramer Larsson
Areas covered in this webinar by Saxo Bank technical analyst Kim Cramer Larsson include EURUSD, USDJPY, GBPUSD, EURGBP, gold, silver, S&P 500, the Nasdaq, the Dax, the FTSE and the Dow Jones.
Medium term
/
Buy
Trade view / 24 October 2017 at 7:56 GMT

Buying gold with the DJI at a peak

Analyst / PIA First
United Kingdom
Instrument: XAUUSD
Price target: 1450
Market price: 1280
Background

I have seen a very interesting set up in gold this morning and with indices close to multi-year tops, this could reap high rewards. 

First a look at the Dow Jones...

Monthly: I am not one to try and pick tops in the market but I would not be buying into indices at the moment. We have a multi-year 261.8% Fibonacci extension on the Dow at 23,396 (from 6,487-12,946). Further to this, DeMark has posted a 13 count (exhaustion) on the weekly chart! 

Dow M
Source: Saxo Bank

GOLD

Monthly: We can see a disjointed five-wave pattern from the $1,920/oz high trade in 2011. This should dictate that we are in the corrective sequence higher. An AB=CD formation takes gold to $1,451/oz. A reverse head-and-shoulders breakout and the measured move target is $1,695/oz. This is close to the 78.6% pullback level at $1,713 (bullish).

GOLD M
Source: Saxo Bank

Weekly: We are in a bullish channel formation. Price action from the week of October 2 formed a bullish Morning Star. Although this pattern is stronger at the base of a trend, it does offer a positive bias. We also have a possible ascending triangle pattern (bullish).

GOLD w
Source: Saxo Bank

Intraday (four-hours): Choppy price action for the last four days has formed a bullish Ending Wedge formation. Selling was posted in morning trade and there is scope for more losses. We look to buy close to the trend of lower lows and the 78.6% pullback level of $1,271/oz. The short-term target is the start of the wedge at $1,290/oz.

GOLD 4

Create your own charts with SaxoTraderGO click here to learn more

Source: Saxo Bank

Parameters

Entry: buying at $1,271/oz.

Stop: $1,265/oz.

Targets: $1,290/oz (short-term), $1,451 and $1,713/oz (long-term).

— Edited by Michael McKenna

For more on commodities click here.

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
2y
David12 David12
Hello Ian,
shiny call !
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Monring David .... LOL... Think BIG ....
2y
Morris Morris
Love it!
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Thanks Morris ... think we need a good (or bad) catalyst !
2y
alki alki
Little Rocket Man doing one of his mumbo-jumbos, maybe...?
2y
Morten Olby Morten Olby
1,271 to 1,713! Interesting. What is the timeframe Ian?
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
It is a long-term trade idea. Timespan would suggest middle of 2018
2y
Vakas Vakas
Good day Ian... your opinion on the attached audusd 1D chart? thank you...
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I have 2 scenarios ... bearish AB=CD formation (daily) OR Bullish Gartley on the 4 hours at 0.7770... waiting to see how that level unfolds
2y
Andrew Perkins Andrew Perkins
LOL short AUDUSD trade from July still going strong need to get 0.7500 to close but made profit from hedging with longs on the way down
2y
Andrew Perkins Andrew Perkins
nice new charts views i see Ian
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Morning Andy ... I am like some blokes with cars.... I like to drive a few (chart packages)
2y
usxau usxau
Gents morning! :) I am still short my basket of yen crosses! Like your call on XAU, let it raise and shine! :)
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Morning Sabrina.... like the good lady from Switzerland ;-)
2y
usxau usxau
Hahaha! I will take the 5th amendment here! LOL
2y
Andrew Perkins Andrew Perkins
must be lunch time soon
2y
usxau usxau
Dull data day however big day for earnings in US - lets hope we get some tradable action!
2y
usxau usxau
Indeed, thanks for reminding me! LOL
2y
Morris Morris
Can't we go higher on the dow? Above 2.618 Fibs! What else would suggest we are at the Top? What other indicators or evidence mate?
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Price / OSB / Breaking Cloud Cover / Exhaustion ... there is a lot just there
2y
Morris Morris
Wow!

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