SNB Gold Asset Vote and the ultimate price of Gold
Today, on 30 Nov, there is an important event going on – SNB (Swiss Central Bank) Gold Asset Vote.
The wide expectation is a rejection of going back to Gold standards – if this expectation turns to reality then Gold would drop.
Now key question will be how Tflow® sees Gold prices and how you could be reaping benefit from such an important international event.
Gold still downtrend; however suspicion of a WR
Trend Analysis; the simple trick is so powerful
To keep us in tract, you can use the simple trend analysis, keep on mapping highs and lows to know that downtrend still in tact for Gold
Daily boxes down; H4 bearish expansion, WR Pt 2
Price has day/week close below PT 2 (WR confirmed), also below both red lines (historical support levels). Black lines are Pt 2 high and recent low prices. Price has also closed below ED channel.
Price movement in Gold is largely dependent on SNB vote result, however, I think the rejection bias is already reflected in Gold via Friday’s closing price. So either there will be a big drop if vote is a no (or big rise if vote is a yes) or if it is within expectation, then price might have a temporary retracement towards resistance. This offers another selling opportunity.
I’m predicting that Gold support will be around 1150, 1140 and 1130 immediate term.
However, if there is a close below 1130, then we might see 1090 popping. Will we be seeing $1000 this time?
Remember, I was very bearish in WTI (Oil) when it was $85-90. Maybe you think that’s not possible at the point of time, but heh, WTI is now $65.
So, Gold $1000?
Update on Gold 2 Dec 2.41pm by Binni Ong
Gold movement was a terrible wash and rinse. I was indeed being wash and rinsed out here on this movement. Bearing in mind that there was a mentioned support level of $1150, 1140 and 1130 support level, I took some profit at $1150 but added position again when price went higher towards 1175 zone which took me out when price broke $1205. *ouch!
Current movement in Gold
Question – is there a reversal in trend for Gold?
On trend analysis, Gold has day close (note, no week close yet and I’m still waiting for it) above a blue channel. Thus trend change on daily close for that smaller trend (note, to really be prudent, I’m waiting for a weekly close). However, the bigger trend denoted by pink channel is not yet broken.
I’m expecting a temporary movement up (again pending a weekly close) towards pink channel. Expecting this pink channel to act as a resistance, however if broken on a weekly close, then there might be a change in trend for Gold.
Otherwise, I’m still thinking that Gold support price will be 1130 if below then 1090, if below then 1000.
Update on Gold on 10 Dec 3.34pm by Binni Ong
Thanks for understanding (for those who commented) sharing with me their losses. I made losses in trading the SNB event on Gold. I went short again a second time, but keep in mind that Gold might reverse up. Thus position was a quite entry to short and square at support. Some of it ended in break even though.
Here’s the latest update on Gold, bottom-line, if it is above 1238 on weekly close, we might see a medium term reversal in Gold.
At this moment, unless there’s a weekly close, otherwise, this pink trend line will be viewed as a resistance, where Gold might resume down.
Should a successful upwards bullish move above 1238 happens, then Gold has a medium resistance level of 1340. Otherwise, I’m still insisting that Gold should see $1000 as support.