Gold May Be Starting A Major Move

Dr. Al Larson, PhD MoneyTide.com

Gold has been in a congestion since late February. That congestion now looks to have ended. This 8 hour bar chart is for the gold Exchange Traded Fund, GLD. Gold futures prices are ten times larger.

Since the August 18th 2018 low, gold has now made a major move 1 and 2, as shown by the green boxed numbers. Moves within these major moves are numbered in white. Major move 1 is a Chaos Clamshell. Within it, move 5 expanded
into its own 7 move Chaos Clamshell as shown in the small red boxed numbers.

Move 1 ran for 16.2 points. Move 2 was 7.66 point, about a 47% retracement. Treating these moves as A and B of a simple ABC, and using the common projection of A=C suggests a target price of 135.75.

From the 8/16/2018 low to the 4/23/2019 low is 250 calendar days for two of the 7 moves in a Chaos Clamshell. That would project 875 days for the complete pattern, reaching to 1/7/2021.

More details of the development of this pattern can be tracked by overlaying my Fractal of Pi pattern, from my course by the same name. This course is a sequel to my Cash In On Chaos course. This pair of courses are a good starting point for learning how chaos works in markets.

This content was published on Dr. Al Larson's Chaos Clinic which you can attend each Friday for free.

Dr. Al Larson has developed a complete Chaos Model of Markets, four unique courses that let you become a Certified Chaos Trader, some very unique eMylar fractal pattern overlays, and tools that permit forecasting individual stocks and markets years in advance. You can also sign up for a free weekly email, and attend a free Chaos Clinic on Fridays. To learn more, click on the author's profile.

Be sure to sign up for the free weekly email!

Author

Dr. Al Larson, PhD

MoneyTide.com

Dr. Al Larson holds a Ph.D. in Electrical and Computer Engineering from the University of Wisconsin. He is a 1964 Distinguished Graduate of the U. S. Air Force Academy.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.