Gold

(GCZ24) 
December

The chart is key to this analysis.

This is what we said in our last post on Barchart on 9/21/24 Gold 2775.00 target

The lows between 8/22/24 and 9/9/24 held the 2514.00 major Gann square before going on to new highs.

In our last update we said to use the 2578.40 major Gann square as the swing point for the week once it closed above it. Wednesday and Thursday came back to test it and it has now closed above the 2639.40 major Gann square.

We will now use 2639.40 as the swing point for the week. 

The short term target above is the next major Gann square at 2706.50. The long term target that we have had since August remains at 2775.00.

This week's low held the 2639.40 major Gann square and swing point for the week (Monday's low was 2638.60), the rally from it hit the short term target at the 2706.50 major Gann square. We can now watch some of the Fibonacci retracements to see just how strong, or weak this market is. You only have to look at the chart to see how many highs and lows came at major Gann squares to see how important they are.

Use 2706.50 as the swing point for the week.

Above it, look for the long term target and next major Gann square at 2775.40.

Below it, look for the area of 2578.40 and 2561.00, this is a major Gann square, 38.2% back to the 6/10/24 low and 23.6% back to the February low. Any setback that holds the area of the 2639.40 major Gann square and 23.6% back to the 6/10/24 low at 2626.00 keeps the trend extremely positive and new highs can quickly follow.

We have done 42 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets.

This is our latest video with analysis on Soybean Oil and the S&P 500 Futures.

Sign up for a free newsletter for Gold, Crude Oil and the S&P 500 HERE.

ONE44 Analytics where the analysis is concise and to the point

Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.

You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.
 

FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.