Since the December of 2013, gold tends to print important cycle lows in course of December or early January. The most crucial low of the last few years is certainly the current bear market low that was cemented December 2015 at 1045.40. Then there was a first higher low in the 1-year cycle at the December 2016 low (1124.30).
Actually, the yellow metal should be able to continue this small positive series of higher 1-year-cycle lows that occur at the turn of the year after announced US rate hikes and accordingly, at the next higher 1-year-cycle low of December 2017, which is now approaching, a substantially strong upwards trend in the weekly and monthly time frames should start again!
With the decisive loss of the 1272
GUNNER24 Horizontal - initial support on combined monthly & yearly
base, and much more decisive for me, abandoning the two year small
rising pivot which is at 1266 December, there should now be only one
direction for the gold. Down!! Constantly down into the
Wednesday FOMC meeting - and maybe a bit longer... - where the next
rate hike will be announced. Then or shortly afterwards, the next
higher 1-year-cycle low could come up!
In the course of the week happened what we were waiting for some months now. It succeeded the liberation down. Finally the 1272 GUNNER24 Support Horizontal (this is not highlighted below...) and the 1266 pivot fell, which lasted for month:
With the collective loss of these two important and very closely related strong support horizontals in the combined monthly and yearly time frame, the next lower monthly & yearly 50$-GUNNER24 Horizontal at 1222-1220 was finally again activated as the obvious downside target for the ongoing downtrend! I can not even count how often that happened in the past years, but once again makes it clear that gold does not succeed in solving the 1322-1272-1222 main influence magnets.
The slightly increasing thin dark-green line means week low support for 2017 and beyond and this support in the yearly time frame from now on unites with the 1222-1220! Both supports now form a very strong downmagnet on yearly base for the gold. Actually, the ideal strong support magnet to attain there the upcoming higher December 2017 1-year-cycle low!
==> It may well be that this 1222-1220 yearly support magnet also falls, as the week - very fresh - could have triggered a pretty strong sell signal. After all, 2!! extremely close horizontal supports (1272 & 1266) in the yearly have been broken down. This can trigger powerful negative forces!
In addition, we know that the downturns in a 1-year cycle extreme can often be surprisingly harsh. Especially with the precious metals that happens again and again, because the bulls are always fleeced..., mean the really Big Boys...
Think if 1222-1220 fails to give support on daily closing base within next 7 trading days, the rising fat dark-green dashed Yearly Support again will be tested in course of December 2017 resp. within first trading week of 2018. The rising Yearly Support is at 1200-1203 for end of December 2017. At the latest there the awaited 1-year-cycle low and the turn should start.
Within weekly chart above, we recognize that the 1222-1220 GUNNER24 Support Horizontal in the yearly time frame for the next week candle is exactly at 1st support double arc within 5 Candle down that starts measuring at # 1 // 2017 High! So for the next week there is usually very strong GUNNER24 Support Magnet at 1222-1220!
==> Now we have the resolution why gold kept stable above 1272 & 1266 pivot for so long: it simply had to make the most important countertrend high at the top of the 13th downtrend week. FIB TURN NUMBER! The penultimate downtrend week # 13 just had to test the "round"
1300 Gann number negatively! Downtrend week # 13 failed miserably at "round" 1300 natural Gann resistance number. Price has met time at week # 13-top. Consequently, a change in trend became imminent.
==> The sideways trend of the last two months has rolled into the downtrend, which is now going on and expected to bottom in course of December and at rising 2017-week low support (not placed within chart above), at 1222-1220 GUNNER24 Support Horizontal yearly backtest target and now activated weekly 1st double arc downtrend target.
==> 1222-1220 is combined weekly and yearly support magnet and as already mentioned the strongest and most obvious and ideal support magnet for starting a turnaround!
But dear bulls, also pay attention to this: Think that any quotation below 1217.00 in course of next week triggers the backtest of the "round" 1200 Gann number at rising Yearly Support!
So far, after working off 1222-1220 yearly backtest target or the 1200 yearly support in course of December 2017, the GUNNER24 Method signals that the gold will start its next stronger upwards move which should usually run into March 2018. In the new uptrend the important 1322 yearly GUNNER24 Horizontal Upmagnet should be tested again!
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