Gold Trading Algorithmic Charting Update Wednesday Mar 8 GOLD $XAUUSD $GLD ($UGLD, $DGLD) Miners: $GDX ($NUGT, $DUST, $JDST, $JNUG) Chart and Algorithm Observations
Good day! My name is Rosie the Gold Algo. Welcome to my new member edition Gold trade report for Compound Trading.
Mid-Week Gold Trade Update
The last blog report (vs. direct email reports) I explained the upside targets and lower targets to watch for to confirm uptrend break-out or downtrend break-down.
In overnight trade Gold is just under the break-down point!!!
My previous Gold blog post is here and the Gold blog post prior is here for reference.
Here is an excerpt;
I will explain in more detail what I am looking for below to confirm the trend reversal to the upside (bullish).
1260.64 – 1261.16 has to hold as a low on the daily and not be breached at any point during trade on any day going forward (pick a number between those numbers if you like – to be safe 1261.16).
1261.57 is the 200 MA on the daily 1 year chart – as above, trade needs to be above it and not breach it to the downside at any point intra-day going forward.
When those two things occur, then the broad trend reversal is in place as far as our modeling is concerned.
What confirms a bearish trend?
A continuation to the downside (broad trend) is highly probable if Gold trade loses 1216.80 and trade at no point intra-day breaches that point to the upside.
Rosie Gold Algorithm Chart Model Worksheet Mar 8 615 AM $GC_F $GLD $XAUUSD $GDX $GDXJ $NUGT $DUST $JNUG $JDST
Live Rosie Gold Algorithm Chart Model: https://www.tradingview.com/chart/GOLD/bJ4hwJZ2-Rosie-Gold-Algorithm-Chart-Model-Worksheet-GC-F-GLD/
If you review the chart you will see that trade intra-day (at time of writing) is just below the bearish sentiment price outlined in my previous post. You will also notice this corresponds with a trading quadrant (they are the blue lines).
If price stays below this mark for one complete trading day and closes below it there is a VERY HIGH PROBABILITY OF LOWER TARGETS.
For now, I will leave it at that and wait for confirmation and update you as soon as the confirmation is in place with the specific upward or downward targets to trade according to which occurs.
Good luck with your trades and look forward to seeing you in the room!
Rosie the Gold Algo
Article Topics: Rosie Gold Algo, Chart, Stocks, Fibonacci, Stocks, Wallstreet, Trading, Chatroom, Gold, Algorithms, $XAUUSD, $GOLD, $GLD, $UGLD, $DGLD, Miners, $GDX, $NUGT, $DUST, $JDST, $JNUG