Gold keeps on presenting itself in the no-man’s land

Going with the pre-Christmas time the precious metals presented themselves very contemplatively. On daily basis almost nothing happened last week. Some strong resistances continued dominating. They prevented a further rise, having the gold go on consolidating.

In the actual daily 2 Candle GUNNER24 Up a new resistance diagonal crystallized (in the chart it’s anchored in the red X, red dotted). That’s where the last three trading days marked their respective highs. Besides, within three weeks gold did not once succeed in closing above that resistance diagonal!! As prognosticated in the last issue the former primary Gann Angle is now acting as a resistance. The Tuesday high was marked exactly at a price and time magnet - at the intersection point of the former primary Gann Angle and precisely that relatively strong resistance diagonal.

Our trading plan for next week: We’ll use a day closing price higher than the resistance diagonal for a long entry with target 1420 until the end of January.

Just like we did last week we’ll briefly enter into the daily 2 Candle GUNNER24 Down which gives us a different angle to the current correction at present:

The down setup exists parallel to the current up setup. Both alternate in terms of their dominance. The signs of both have the same power. The up setup makes clear the targets in price and time according to the upwards forces which are present in the market. The down setup reveals the dominating downwards forces of the market.

Here we make out that the highs of the last three days were marked at a Gann Angle. That’s what both setups have in common. This Gann Angle is preventing the further gold rise pushing the price downwards. On Thursday gold closed narrowly above the blue arc that offers support.

Now we must have the market guide us. Maybe the downwards forces will gain the upper hand being broken next week that blue arc together with the lower line of the first square. Target would be the 1350 in that case. We’d go long there (pay attention to the reversal candle technique!) since from the GUNNER24 View the maximum correction target would have been reached:

New long engagements in the S&P 500:

On daily basis our buy stop on December 20 worked. By day closing we went long at 1247. Now, we’re expecting the high of the current upswing to happen in the first week of January. We’ll cover there at 1267. Here you may read up the complete analysis on that entry and the planned exit.

Weekly situation:

At the week closing we’ll accumulate another long position. Now, the 2nd double arc is broken significantly, even though we consider the lost motion. Very clearly we can see the market moving upwards in its Gann Angle corridor. Target 1300.

NASDAQ-100: