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If you follow my predictions, you remember that gold was at its short-term peak in February. And I have told our followers that gold is expected to start a topping process and afterwards a return even below 1250$ by April should follow before establishing it`s final correction target.
==> In the worst case = 20%-25% probability, gold even might positively test back 1222$ well-recognized yearly GUNNER24 Support Horizontal from above within a 6 to 12 weeks lasting correcton cycle before establishing it`s final correction target at for March to April 2019 awaited intermediate 6-month-cycle low.
Please also remember this outcome, that the longer-term GUNNER24 Predictive Modeling system suggest... Only that you are not too disappointed in the end, if this trading year will only tend sideways again:
==> We recognize a 30% possibility that gold at 1349.80$ February 2019 high has cemented it`s FINAL HIGH for the entire 2019:
Conversely, this means that after the for March to April 2019 announced HIGHER intermediate 6-month-cycle low a next strong price advance in the weekly and monthly time frames in gold will take place that with 70% probability brings higher year highs in further course of 2019.
==> That`s why the downside price move in gold will likely create opportunities for traders from April to December 2019.
IF gold price in course of the second half 2019 is strong enough to overcome it`s first half-year top - which likely is received 1349.80$-February 2019 top - expect gold to test 1422$-1455$ (1422$ yearly GUNNER24 Support Horizontal) towards the end of 2019.
GUNNER24 Method suggests that Gold will rally towards 1422$ and/or higher near end of 2019!
The above weekly chart including the currently only valid weekly GUNNER24 Setup that is a classic 3 Fib number Candle up starting at # 1 // 2018 Low is borrowed from my last gold forecast, dated February, 3rd. Within you realize that the overall 3rd double arc upmagnet resistance should radiate the main resistance which in turn should finally trigger the weekly correction cycle after some time of choppiness or stalemate, just for testing 1255$ to 1260$ at least, but much more likely at 1250$ to 1245$ at anticipated March to April 2019 bottoming time frame.
The weekly correction cycle triggered by the 3rd double arc main resistance = double arc resistance on yearly and on weekly base was and still is expected to unfold for at least 6 weeks, maximum 12 weeks.
Next follows my updated view of this correction. With the probable way marks that this correction cycle would have to work off until when. This logically, results in the perhaps most risk-less entries the swing- and daytraders and investors:
After 28 weeks of uptrend gold tested it`s MAJOR Countertrend Resistance upmagnet at 1349.80$ for the first time in course of 2019. Final high of entire 2016 = absolute countertrend high, final high of 2017 and some monthly highs of 2018 define the falling yearly countertrend resistance. For entire 2018 we count 5 negative tests of elliptical Blue Arc resistance at the most important month highs of that year.
I think it's easy to recignize why the 1349.80$ has 30% odd to be the next final high in the yearly time frame:
# 28-uptrend week spiked once again very negatively into yearly countertrend resistance. This is buying climax, which is indirectly confirmed by the immediately afterwards occurring evil reversal candle.
==> weekly 3rd double arc resistance area = weekly resistance area = yearly double arc resistance area & falling yearly countertrend resistance is heavy combined resistance magnet and this offers not only an intermediate high. This offers the outcome that gold has topped again on a yearly base.
Penultimate week candle thus delivered the expected strong sell signal or weekly reversal, confirming the cycle into next 6-month-cycle low should be underway.
Observe this.... also important for the bulls and bears.
Penultimate week candle closed just above nearest most important bull market support which WAS 2*1 Gann Angle. Penultimate week candle has defended 2*1 Angle at week close.
This week opened below AND additionally closed below that nearest important bull market support. This is second consecutive sell signal for gold on weekly base!
As a consequence 2*1 Angle is now confirmed rising weekly resistance angle, nearest strongest correction resistance on weekly base.
And the next consequence is that the next 1*1 Bull Market re-test is now officially activated according the W.D. Gann Gann Angle trading rules. ==> 1*1 Bull Market re-test has now 65% odd to be fulfilled within currently running weekly correction cycle.
Well, it seems that third test of 1*1 Bull Market Angle and the next intermediate 6-month-cycle low form very attractive future magnet according price and time which is located towards end of April at alway anticpated 1250$ down to 1245$!
Therefore, this statement continues to apply!:
This weekly correction should successfully test back the 1*1 Bull Market Angle on week low and/or week closing base. This means just a 50% correction according Gann methods should be underway ==> best GUNNER24 Bet is that gold should test 1250$-1245$ at April lows. For this check dark-red dotted arrow placement.
There is an alternate which has much lower odds.
This is the dotted lilac path. Gold without a pause continues to drop for 2 or 3 more week candles for the classic backtest of previously finally upwards broken upper line of line of 2nd double arc (= usually stronger support), ends entire correction there after just 5 to 6 week candles, prints intermediate bottom at/close to 1255$ and starts the rally on weekly and monthly base into MAJOR 1422$ GUNNER24 Upmagnet Horizontal.
But I want to see that continuous sharp dropping first, before I really can believe in that low probability cycle outcome...
I believe much more in the outcome that gold shows a classic ABC wave correction cycle into next intermediate 6-month-cycle low, with the final A-wave low made on Thursday at 1283.80$, followed by a 2 week candles lasting countertrend into anticipated B-wave correction top which should be made at lower line of 3rd double arc backtest resistance target, followed by next strong multi-week C-down wave into 1250$-1245$ 1*1 Bull Market Angle towards end of April 2019.
Traders should expect possible B-wave countertrend top at 1316$ IF lower line of 3rd is indeed reached in course of next week.
IF next week is not able to test back lower line of 3rd double arc target gold could or should test back that usually heavy resistance at 1313$ sometimes in the course of the week after next week!
You best register with our GUNNER24 Gold Trader now. That’s where we oversee the optimal entries and exits for you. Especially in the difficult market situations where many factors have to be considered the Gold Trader is backed by the additional GUNNER24 Signals based on the combined 1, 4 and 8 hour setups to catch the optimum entries and exits.
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Be prepared!
Eduard Altmann
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