RT Swing Trader Blog | News
2Mar/100

Gold confirms bullish reaction swing – ready to run!

Gold traded above the pivot high, confirming the bullish action swing and a TC pattern.  Confirmation of the TC pattern portends a upward swing to the test the prior high of $1166.00 for the short-term, with a longer-term target objective at $1220.00 or higher. I will keep you updated with stop movements in the TMV Swing trading report.

April Gold

April Gold

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6Jan/100

Why the RT Swing trade bought Gold. [chart]

Gold completed a bullish TR pattern, after posting a swing low on December 30. Based on the new pattern, the RT Swing Trader identified the bullish pattern and a trigger price at $1107.70. That price was reached on the January 4 to confirm the buy signal and the long entry. The swing pattern formed under the 20- day SMA, but the trigger bar closed above the SMA. This is a classic pattern sequence and portends a new bullish leg for Gold with a current target objective of $1165.00. However, the market has crossed to the strong side of the median line so the target objective may be moving up after a strong close. The market is projected to reach the target objective on or before the next reversal swing date due on January 14.

February Gold

February Gold

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16Nov/090

Gold – R-date 11/24 with target objective $1,160.00-$1,170.00

The bullish "trail day" pattern on Friday, portends a c0ntinuation of the upward trend. The bullish trend signal was confirmed  with a the market crossing above the ascending median line. The next reversal swing date is due on November 24th.

December Gold

December Gold

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4Nov/090

Gold reaches projected target objective!

December Gold – Gold found support where the prior swing high and the upward trending parallel crossed at $1027.00. A two-bar double bottom provided a support for the reversal and subsequent rally. Gold surged higher on Tuesday, after news that the International Monetary Fund had sold 200 tons of gold to the Reserve Bank of India for $6.7 billion. After closing over $33.00 higher on the day,  Gold may be a little overextended for the short-term and could hit resistance at $10.95.00 level.

December Gold

December Gold

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23Oct/090

December Copper

December Copper – Long from 288.75 – last price @ 302.60 – Copper futures closed lower and finished as an “inside day” after reaching a 13-month high of 305.75 on Wednesday. The rally paused on Thursday, due to a slight rebound in the U.S. Dollar. However, the cycle remains bullish into October 27th and portends a rally to the reaction line target at $325.00. - Hold the long position and move the stop loss to 289.75

December Copper

December Copper

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20Oct/090

Sell pattern setting up n December Gold

December Gold – The upward trend in Gold paused after the market reached the descending reaction on the predicted October 14th reversal swing day. Following the new high, Gold closed lower on the following two trading days, but managed to stage a slight rebound on Monday. It is very evident the overall trend is still bullish, but so far the market is meeting some stiff resistance on the retest of the reaction line. Monday’s higher close has form a possible short-term bearish swing pattern that could “setup” another sell signal for a drop to the $1,035.00 to $1,030.00 price range later this week.  I’m waiting one more day to see if the pattern confirms before making a new recommendation

Decembwer Gold

Decembwer Gold

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16Oct/090

December Gold – right on target!

December Gold –Right on target! – In the last issue, I talked about Gold reaching the descending reaction line target objective on or before the October 13 projected reversal swing date. It did! December Gold traded to a high of $1,072.00 on the 13th, but closed well below the high at $1, 064.70. However, it was on the following day—the “trail day”—that the selling kicked in and confirmed the reversal pattern. Gold remained under pressure and closed sharply lower. I look for more selling to pressure in the market over the next few days with the first level of support at $1,040.50, followed by $1,025.00.

December Gold

December Gold

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13Oct/090

December Gold

December Gold –The surging Gold market paused with the last two day’s entire trading ranges staying inside last Thursday’s trading range. The market is overdone, but the upward trend remains intact. Gold could encounter one more push to the sloping reaction target objective of $1.070.00, the October 14th reversal swing day.

December Gold

December Gold

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7Oct/090

December Gold

December Gold –The price of gold struck an all-time high at 1,038.65 dollars per ounce, as the dollar fell on a rumored plan to stop using the U.S dollar for oil trading.

I made the recommendation to buy Gold at $1,004.50 or lower. I had the right idea, but I was a little optimistic about getting a slight pullback before trading higher. Instead, Gold open steady and never looked back, as it left us in the dust and took off and surged over $28.00 higher before taking a breather.  I was left with nothing but an unfilled order in hand.  What now?  The ascending centerline intersects the descending reaction line at $1,060.00 with the next reversal swing day falling on October 8th. This suggests more upside potential for the Gold over the next couple of days.

December Gold

December Gold

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6Oct/090

December Gold

10/5/09 - December Gold –A weaker dollar boosted Gold futures and pushed them up to the descending parallel resistance line, where the short position was closed at $1,011.50. The long-term bullish trend overcame the short-term swing pattern sell signal and quickly ended the correction, after finding support at the 20-day SMA. Gold continues to get support from investors on concerns of impending inflation. Tiger Management Chairman, Julian Robertson, says that if China and Japan stop buying our debt, inflation could hit 20 percent. "It's almost Armageddon if the Japanese and Chinese don't buy,” Robertson told CNBC. "I don't know where we could get the money. I think we've let ourselves get in a terrible situation."

Investment guru, Jim Rogers, has been on the inflation bandwagon for some time and says the United States risks hyperinflation, thanks to the government’s massive fiscal and monetary stimulus. That stimulus also will continue to hurt the dollar, he told CNBC. "There's no question the U.S. is vulnerable to hyperinflation down the road or certainly the inflation we saw in the 1970s, I would expect that to come back in the foreseeable future, certainly in the next few years," he said.

The pattern is bullish and Monday’s price action pushed the Gold right up against the descending parallel resistance line. I would like to see a pullback to the 20-day SMA for an entry.  Buy Gold at $1,004.50 or lower, with a stop loss at $986.00.

December Gold

December Gold

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