Breaking News
0

Bearish Sentiment Extreme In Gold

By Enda GlynnCommoditiesJun 12, 2018 05:38PM ET
www.investing.com/analysis/bearish-sentiment-extreme-in-gold--a-huge-opportunity-200324358
Bearish Sentiment Extreme In Gold
By Enda Glynn   |  Jun 12, 2018 05:38PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Good evening folks,

One simple chart for tonight's intro:

Daily Gold
Daily Gold

(H/T safewealthadvisory.com for the above chart.)

Bullish sentiment among market advisors now sits at 13%!
People have given up on gold, and we know what that means as a contrarian indicator.

When everyone hates a market, it's time to buy.

Much like the Rothschild analogy for investing,

When there is blood on the streets, buy property!

Well, GOLD bulls are feeling battered bruised and bloody right now, along with long term elliott wave indicator buy signal in place - its time to buy!

UPCOMING RISK EVENTS:

USD: PPI m/m, Crude Oil Inventories, FOMC Statement, Federal Funds Rate.

EUR: N/A.

GBP: CPI y/y,

JPY: N/A.


1-Hour Gold
1-Hour Gold

4-Hour Gold
4-Hour Gold

Daily Gold
Daily Gold


My Bias: Long to a new all time high above 1827.

Wave Structure: Impulse structure to a new all time high.

Long-term wave count: wave [iii] above 1666.

On the 4hr chart you can see that the price is directly at the black line of the 50 MA.
This market has stalled for long enough, I think we will see a break out of stagnation this week!

The short term action has not yet invalidated the bullish elliott wave count,
And 1307 remains the level to watch for confirmation of wave '3' of 'iii'.

Despite the lack of impetus in the short term action, The longer term setup is looking like a buying opportunity not to be matched for some time to come.

The daily sentiment index has plunged of late and now sits at 7 month lows.

The DSI for GOLD now reads 13% bulls!

This marks a point of capitulation for sellers.

And a huge opportunity to ride the wave higher when it does turn up.

Remember GOLD is on the verge of a rally in wave [iii] of '3' of (3) as shown on the Daily chart.

The upside potential is significant,

With a likely target for wave [iii] in the region of 1600!

Back to the short term Elliott wave pattern; 1307 is the level to watch for the next couple of sessions.
Wave 'iii' will be confirmed with a break of that level.

Bearish Sentiment Extreme In Gold
 

Related Articles

Bearish Sentiment Extreme In Gold

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Jun 13, 2018 9:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Funny one
Reply
0 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email