The price development since the lows of the beginnings of August is showing more and more obviously that we’re in a tenacious correction of the price losses rather than in the beginning of a new uptrend. For several weeks the scenario has been designing a new slide that is supposed to undercut the August lows.
As expected, the final break of the 1*1 Gann Angle went off as early as at the beginning of last week. The break led to a +50 rally; again and again it’s astonishing what violent reactions can be triggered by the break of one of the important Gann Angles. On Wednesday and on Thursday, at 1230 the resistance Gann Angle anchored in the daily setup of the S&P 500 was reached being released thereby a severe downswing which was to come to its end on Tuesday at narrowly below the 5th double arc – at 1158! But maybe the 1*1 Gann Angle will have to be touched again at 1155 to ring in the last upswing of this rebound.
A close below the 1*1 Gann Angle is to be evaluated very negatively (below 1148). It would scotch the rebound and accelerate the downtrend inevitably leading to new lows until October!
The reason for the severe reactions to the 1230 is to be made out best in the actual weekly 8 Candle GUNNER24 Down Setup of the S&P 500:
Here we recognize that de facto the first double arc was re-tested. The violent rebound from it (red circle) demonstrates that the first double arc on weekly basis cannot be re-conquered. The resistance it provides is too strong. The rebound from the first double arc was that severe – it’s not only the appearance: The spike-candle shows that now on weekly basis a test of the 2*1 Gann Angle is due which last week was clearly broken upwards. For next week we can make out a very important price and time magnet at the intersection point of the 2*1 Gann Angle and the upper line of the 2nd double arc, exactly at 1158. By logic the market should rebound upwards again there, at the magnet. In that case the first double arc would newly be the target, just at 1240-1250.
If it doesn’t, i.e. a day closing price below 1148 would mean that the very important 2*1 would be broken downwards in this weekly setup as well, thereby being released a very fast sell-off towards 1045. A weekly close of less than 1120 – that’s to say the unequivocal break of the 2nd double arc – shall release a sell signal within the GUNNER24 Trading Systematics. Target in that case will be 1045. In case of a weekly close below 1120 we’ll go short, correspondingly.
It’s rolling and milling inexorably
Whereas the stock markets are going to face the traditionally weakest trading month of September, for the precious metals one of the strongest phases of the year is beginning.
I‘d like to go over the actual gold and silver upwards trends rather briefly, there are not many news for detailed analysis. For both metals the trend is pointing upwards during the whole month. In the end, it would be slowed down only if some significant upwards trends were being reached releasing minor counter reactions downwards before the general upwards trend will be resumed then.
In the last issue we already prepared you for the unambiguous monthly GUNNER24 Silver Long Signal. I hope you, too, made a killing near 41.50$...
Also our well known Ugly Monster Setup is showing the actual power of silver. The closing price narrowly above the 5th double arc doesn’t mean a clear weekly buy signal yet, and probably next week again silver will be quoted beneath the 5th double arc. In the end, also in this setup it’s preparing a clear buy signal. If next week closes clearly above the upper line of the 5th double arc we’ll go long with another tranche. Unequivocally, silver is moving upwards within the Gann Angle corridor – slowly but steadily. Down there at the May low we may apply a 3 Candle GUNNER24 Up Setup that shows us the next important weekly target:
As early as in the course of next week the 45.45 may be reached and before the end of the week after next it will have to. There, at the 2nd double arc a severe reaction to that weekly target may happen. The 4th double arc being the main target is lying at 59.20.
Gold continues its way to the 2000$:
It becomes clearer and clearer that the 2*1 Gann Angle has taken charge. It is the one gold should orient to continuously upwards. The highest week closing price of all the times makes it clear to all of us that the upwards trend is absolutely intact. The 3rd double arc was newly tested back last week resisting again and leading to a new rebound upwards in the end.
The all-time high may be defended crazily by the "shorties" – it will fall, next week or the week after next. From the GUNNER24 point of view the 1898 are the mark that will have to fall in order to head quickly for the 1970 on weekly basis.
Also the daily 13 Candle GUNNER24 Up Setup makes clear that in the medium term there shall be only one way actually, the way upwards:
I newly adjusted the setup that was recently published here to make the next up target visible. We see that after the highs at the 3rd double arc a very tough, quick correction until the 2nd double arc followed. We don’t see any closing price within the 2nd double arc – it’s a clean test. So the 2nd resisted making gold rebound again until the upper line of the 3rd double arc. Friday is showing the second highest closing price ever.
I consider it as to be very suspicious that the Friday closing is lying exactly at the upper line of the 3rd double arc. So maybe Monday will react at first negatively to this daily resistance. Monday will be a holiday in the USA. So, with the correspondingly expected small trading volume some quick intraday moves will easily be possible – downwards as well as upwards. A Monday closing price above 1890 – the upper line of the 3rd double arc would be a buy signal on daily basis permitting a possible attack to the all-time high as early as on Tuesday. But a weak Monday will expectedly be followed by a weak Tuesday. A beautiful long entry within this scenario is waiting at the 2*1 Gann Angle that is supporting the actual rally.
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