Gold Charting and Gold TA Chat

http://www.investopedia.com/terms/b/bullishengulfingpattern.asp
bullishengulfingp.gif

good shot at 1280-1300 IMHO
[imgz=http://forums.silverstackers.com/uploads/1021_bullish_engulfing.png]
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^^^

Close enough to bullish engulfing from last week's candle with some confirmation firming up this week? (2 nights to go)
Cant find a free current monthly candlestick chart.

[imgz=http://forums.silverstackers.com/uploads/1893_gold_18_mth_weekly_oct15.png]
1893_gold_18_mth_weekly_oct15.png
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Just came across this blogger making out a case for rising wedge since the recent 1184 low. Expects wedge to break down at previous supply zone 1230's-1240's and then eventually break through the triple bottom. Not sure what the intra day interval lengths are - 60 mins? Looks like we need some confirmed closes above 1242 to be clear of that interpretation

Ozvu3adE_big.png

Source: https://www.tradingview.com/chart/XAUUSD/
 
Wow this is a great page I just came across googling for clues to Gold's short term fate. Might take a minute to load.

Not sure exactly where the Pattern recognition is coming from. For example the first weekly 'bullish engulfing' candle has a slightly lower open than the one I find on my usual source (stockcharts). Also the third candlestick needed for the 'Three Outside Up' bullish pattern hasn't even been started yet! That's next week! It's all automated, so maybe the program is to include any potentially unfolding pattern that has not yet been invalidated?

Anyway I'm glad to have another candlestick combo to add to the cranial inventory, and also glad that it could be applicable to gold at this juncture. Note that you can 'blend' the first two candles to get your engulfing effect, although not necessary in this case as the first candle achieves it on its own.

http://www.investing.com/commodities/gold-candlestick

Recognized Bullish Chart Patterns:

Three Outside Up
Timeframe: Weekly
Reliability: High
A reversal pattern.
This pattern is a more reliable addition to the standard Engulfing pattern. A bullish Engulfing pattern occurs in the first two candles. The third candlestick is confirmation of the bullish trend reversal.
 
^^^ wrong

.. the third candlestick needed for the 'Three Outside Up' bullish pattern hasn't even been started yet
Click to expand...

Oh now I get it. The first candlestick in the 3 candle pattern is the negative (red) engulfed candlestick
 
FOMC tonight expect some whipsaw action... DXY looks good IMHO this bodes badly for gold. Get yer popcorn ready
 
So that's it for QE. They'll never do that again.
Here's a good one. Someone cued KWN that the charts for these two big gold and silver miners: Barrick Gold (ABX) and Pan American Silver (PAAS) are so bad that it must mean that their metal prices have found their lows. The share prices of these two are at support and resistance levels that go back to 1998 and 1996

The Big Question: Have We Seen The Bottom In Gold & Silver?

Barrick Gold

Pan American Silver
 
Well Gold did not like that (FOMC).... for now 1190 or more like 1180 is !!CRITICAL!!, under that and well it's
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Still not out of the wood if heading north as 1280 will be big res IMHO
 
Everyone watching the DXY... flag formation and a break of 2 trend lines and a back test... new high will be a thing to behold, all hail king dollar (for now)
5OIz8q5A
 
It's all smoke and mirrors they are acting as if the US economy has just paid off $18 trillion in debt or they just discovered a perpetual motion machine. The fed stopped buying debt and Japan yen sank. That's it. It's a knee jerk reaction in the paper market.

What happens when the FED tries to unload their balance sheet back in the market or a number of other issues that have yet to come to the surface. Everyone is fearful of gold = buy as much as you can while there is negative sentiment towards it. Gold to $5k a oz within 2-5 years.
 
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