{"id":35590,"date":"2015-09-24T15:00:16","date_gmt":"2015-09-24T19:00:16","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=35590"},"modified":"2015-09-24T16:39:01","modified_gmt":"2015-09-24T20:39:01","slug":"gold-update-bulls-have-the-first-confirmation","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2015\/09\/gold-update-bulls-have-the-first-confirmation\/","title":{"rendered":"Gold Update: Bulls Have The First Confirmation"},"content":{"rendered":"<p style=\"margin: 0 0;\"><a href=\"http:\/\/www.ino.com\/blog\/meet-aibek-burabayev\/\"><img loading=\"lazy\" decoding=\"async\" src=\"\/\/www.ino.com\/blog\/wp-content\/uploads\/2014\/12\/contributorbadge_aibek350.png\" alt=\"Aibek Burabayev - INO.com Contributor - Metals\" width=\"350\" height=\"131\" class=\"alignleft size-full wp-image-30702\" srcset=\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2014\/12\/contributorbadge_aibek350.png 350w, https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2014\/12\/contributorbadge_aibek350-300x112.png 300w, https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2014\/12\/contributorbadge_aibek350-270x100.png 270w\" sizes=\"(max-width: 350px) 100vw, 350px\" \/><\/a><\/p>\n<p style=\"margin: 0 0;\"><br style= \"clear:both;\"><\/p>\n<p>One month ago I dared to call my Gold update \"<a href=\"http:\/\/www.ino.com\/blog\/2015\/08\/gold-update-major-reversal\/\" target=\"_blank\">Major reversal<\/a>,\" but I have enough reason for that. Today I prepared a short term daily chart with the focus being on the first bullish move and its correction.   <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\/img\/sites\/ino\/email\/6885.jpg\" width=\"700\" height=\"335\" alt=\"GOLD (FOREX:XAUUSDO)\" class=\"aligncenter\" \/><br \/>\n<small>Chart courtesy of Tradingview.com<\/small><\/p>\n<p>Like a tree starting from a sprout, the new trend starts from the first counter trend move that has its threshold at the end of July. Gold's price has gained a weighty 9% (almost $100) in one month and has stalled at the $1170 level ahead of resistance. The gold market has been treading water within the 1077\/1110 range for two weeks in a row and it looked like another consolidation was going to happen before the new drop down. But, surprisingly the price broke the upper bound and quickly cut through the $1100 level. It then had a small four-day break before it made the final jump to the $1170 level. This is the first serious counter trend move which I have labeled as the large green AB segment.<!--more--> <\/p>\n<p>Nothing lasts forever and the first bullish move has been followed by a correction which consists of the two parts labeled by the small red dashed ab\/cd segments. The red cd segment is almost equal (90%) to the red ab segment. The zigzag correction has been very deep beyond the common 61.8% retracement and has reached the $1098 level, just $2 ahead of 76.4% Fibonacci level. But the most important thing here is that it is a correction, not a trend, as the price couldn't reach the \"root of the sprout\" at the $1073 level.<\/p>\n<p>After the correction, we can chart the projection of the next move up in the green large CD segment. I assume that the CD segment will be at least as long as the 1.618 of the AB segment (Fibonacci ratio). The target for the new segment is set at the $1254 level and it can bring a hefty sum of money once it reaches that level which has another $127 to go (from the current $1127).<\/p>\n<p>The pleasant news for those who honors risk management, now new trough has been formed and the stop could be set just below that higher level ($1098) which is ahead of previous low for good $25. Current risk\/reward ratio with entry at $1127, stop below $1098 and target at $1254 is 1:4.4 which is very good proportion. Once price will break through previous high at $1170 the Gold will rocket up to the target.<\/p>\n<p>Intelligent trades!<\/p>\n<p><a href=\"http:\/\/www.ino.com\/blog\/meet-aibek-burabayev\/\" title=\"Meet Aibek Burabeyev\">Aibek Burabayev<\/a><br \/>\nINO.com Contributor, Metals<\/p>\n<p><span style=\"font-size: 12px; font-style: italic;\">Disclosure: This contributor has no positions in any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>One month ago I dared to call my Gold update \"Major reversal,\" but I have enough reason for that. Today I prepared a short term daily chart with the focus being on the first bullish move and its correction. Chart courtesy of Tradingview.com Like a tree starting from a sprout, the new trend starts from [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[6922,6714,23,5519,2567,2315],"class_list":["post-35590","post","type-post","status-publish","format-standard","hentry","category-ino-com-contributors","tag-aibek-burabayev","tag-fibonacci-analysis","tag-gold","tag-gold-forexxauusdo","tag-gold-analysis","tag-gold-chart"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold Update: Bulls Have The First Confirmation - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2015\/09\/gold-update-bulls-have-the-first-confirmation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Update: Bulls Have The First Confirmation - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"One month ago I dared to call my Gold update &quot;Major reversal,&quot; but I have enough reason for that. 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