- Assume 1046 low is the low in place.
- Fibonacci retracement levels from 1912 high of 2011 are : [38%=1377] [50%=1479] and [62%=1581].
- My gut feel is 1377-1479 is achievable sometime within the next 2 years.
- Shorter term, we are probable going to break strongly above 1192 first before any meaningful attempts to shake weak bulls come into play.
06 February 2016
- Good strong weekly close at 1173. Details behind Jan NFP numbers (strong hourly earnings, UR below 5%) have led FX and Rates markets to price some Fed hikes back in, and yet gold was able to break higher. Good sign.
- Updated weekly and daily charts on the right. Next resistance 1192.
- See next post for bigger picture and upside possibilities.
28 January 2016
- Book written by neurosurgeon who died too young. #1 on NYT non-fiction bestseller list now. [Goodreads link here]. He wrote book while dying of lung cancer.
- The other neurosurgery book by Frank Vertosick is a much better read. But I only made this post because I wanted to share Kalanithi's beautiful last words to his daughter who was only 1 year + when he died.
- "When you come to one of the many moments in life where you must give an account of yourself, provide a ledger of what you have been, and done, and meant to the world, do not, I pray, discount that you filled a dying man’s days with a sated joy, a joy unknown to me in all my prior years, a joy that does not hunger for more and more but rests, satisfied. In this time, right now, that is an enormous thing."
26 January 2016
- Been stalking this for ages and ages. Think bottom is now in place. Daily chart has turned first.
- Long at average equivalent price of 1097 (via GLD ETF).
- Immediately, there is overhead down trendline resistance at 1150 and 1131.50 (previous support on weekly). If we can break these, then all is well with the long Gold trade.
- Currently, high negative correlation with China equities.
09 December 2015
- Excellent excellent book, highly recommended, especially the chapter titled "Rebecca".
- Goodreads book description here.
16 November 2015
10 September 2015
"we are on the cusp of something momentous, the soul of this nation is stirring and we must be the ones to awaken it"
Highlights for me : [14:24-16:10] [25:33-27:19]
17 August 2015
- Catch up post. Trade done while I was away, GTC sell order filled on 12Aug15 in the midst of the China shock devaluation saga. [Actually was not that big a surprise to me given in the last year, EUR/USD has weakened from 1.40 to 1.10, and USD/JPY has gone from 100 to 125. How can China not be affected in the face of such massive strengthening in the RMB].
- Weekly : Waiting for support line around 98.57 to give way. Clear that prices above 98.70-ish unsustainable.
- Daily : Same conclusion as weekly. 98.575 break would be signal for bigger downside.