More Downside Pressure For Gold, Substantial Rally Nearby: Gary Wagner | Kitco News
Transcript :
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do
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and
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and let up to an additional charge
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this with me now is Gary Wagner gary
thank you for joining me today
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my pleasure my pleasure as always hi
Gerry so last week we saw a pretty solid
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week in terms ago prices this week a
little bit more volatile with positive
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economic news coming out
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now I do you see goal setting up we come
back from a long weekend
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let you know we we had an interesting
scenario
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in debt I was looking for the market to
run roughly to 1333
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Chu 1363 on the high side
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we saw a murky actual an intraday basis
this week
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run to 1332 50 searches shy of our
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initial target and then of course we had
a tremendous pressure
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a couple of days because mark came down
yesterday was flat and
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I would expect a little bit more
downside pressure next week
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I could see it going as low as 1262 is
my number
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I it might not get there but we could
see a little bit
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additional pressure now last time you
run with Danielle you mention that
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you're expecting a corrective wave
followed by a substantial rally in gold
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prices
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now are we still not corrective wave
right now if so I'll
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how much more pressure do we see on gold
prices exactly
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up the the pressure that we saw this
week towards the end of the week
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I believe was the beginning of that
final
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down way and the way that I have chilled
the lady is
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the unusual run from 1181
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to our to the first target their was
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a wave where now in our final what's
called the Seaway
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watched conclude style wish we could
have
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a fairly substantial rally now switch
over the Fed there's beige book
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yesterday at Janet
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yellin' spoke yesterday now what do you
make of the Fed's message
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and is going to create more headwinds
for gold but you know they're they're
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announcements are always going to move
markets and that's why they're so
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all wearing kissinger what they say and
how they share I was very very impressed
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though
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with yellin' I'll attempt to
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really have a formal sense of
transparency in the market
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she speaks in very very clear words
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she does it tend to have words that have
double meanings
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and I believe that she is first and
foremost
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looking to shed atone of transparency
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in terms of fed comments it come out
excellent gary let's see what you
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brought French artist viewers over this
long weekend
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yeah today's insure obviously going to
carry out from
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from last week we've been talking about
various pivot points
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and ways to predict tops and bottoms in
the market is
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runs through pockets BC got cycle or
natural pattern that runs true
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and show we're going to you look at how
we calculated of course this last time
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that we saw and most importantly
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how we're chill kill aiding and
forecasting where the market should
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bottom in wurtzite
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I'd have to enter the water again hey
let's take a look at these answers
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and today's insert I wanna pick up where
we left off
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talking about pivot points key reversals
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and techniques that can be used to
attempt to identify them
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of course from our last show we talked
about the fact we were
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pretty much me deep in a rally at this
point in last week's show came out as we
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saw this market moving up
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we are looking at a three hundred and
twenty minute chart
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it is in standard candlestick format let
me shrink the candles downsize why she's
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a little bit so they are
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don't overlap as much we talked about
the fact that
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as this market wet are are current model
that we were using which is basically an
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Elliott Wave have been that you base
model
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talked about the fact that if we
identified this is our
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a wave right here and that would be of
course a
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a wave oven a ABI and AC
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progression we talked about the fact
that in
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are model that we look at which is just
basic
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Elliott Wave they talk about the fact
that your
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typical chip a call be waived is going
to rule and somewhere within the range
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of fifty percent to 75 percent
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in terms of an Elliott Wave retracement
and that is an Elliott Wave retracement
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of the entire corrective period in other
words a move from 1392
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down to $12.75 well since that show we
have seen the market
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continue to trade higher and in fact it
did trade
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as high as the fifty percent
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line you can see right here we were
looking for 1333 it's based on this
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number and you can look at last week's
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in certain you'll see that that's where
we drew it from but what we were saying
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is that anywhere between
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1333 and as high as 1364
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week in it we can see that current rally
begin to stall
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and then are model was looking for
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a corrective wave that final wave that
we call our seaway will talk about where
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we think to see where it goes in the
second now
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when you look at where the high was on
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this particular set of highs
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what you'll notice is I believe it was
13
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3250 so just about
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the brass ring just about a home run but
right
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they're absolutely the market came to 50
percent and then we saw this dramatic
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sell-off
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show using up Elliott Wave
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but more importantly a fib unnaturally
based model
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Atkin lend some fury very good
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insight in terms of places to look for
certain activity
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found within the market now
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one of the other things we talked about
in terms of identification of key pivot
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points is
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what we do and what we recommend in
terms of a good strategy
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even if you combined different technical
indicators that we use
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and that strategy would be if you're
looking for market to run
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to move to a certain range say 30 32 64
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now we want to identify
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a candlestick pattern some kind of
patterns that will show us that there's
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a potential reversal at that point
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and who I was looking at this two-week
chart of course on the stew which are
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we're really looking at what it was
called her Elliott Wave
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primary or major moves but if you take a
look
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at the top but this market this most
recent
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high that we got if you tuned in late
last week
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and went to the bonus content I
presented or disclose
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the repair in group I believe to be
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up incredible insight in the market in
terms of indicating a potential reversal
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and the fact that they are present in
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the majority of the stops and bottoms
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and can be easily identified they're not
very very large patterns are two and
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three day patterns
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but I draw your attention to the three
were ever even group that we talked
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about
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and basically what we look for is a
defined uptrend
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we got that a long green candle which
means that it closed higher than it
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opened
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you get a shorter almost are like candle
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followed by a shooting star and the
shooting stars really wanna what I wanna
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play now it's a fairly
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rare occurrence but we you have one
right here
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but when you get them in conjunction
with other factors
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it really point something out now this
was the atop over at doubt $13.95
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and then that was followed by another
shower and then the red can love course
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what we're looking at here
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is this current weeks activity and we're
getting another pivotal candle that
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dodgy candle
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but candlesticks can provide a
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incredible set of parameters in terms of
patterns in because
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we had such a overwhelming response
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last week to the pattern group on are
bonus
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content this week and at the end to the
Charlotte you know how to get to open
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and the bonus content this week
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I have 3 more pattern group that
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I recommend learning along with the
first set that we have more have a link
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available for that also see you can view
all these parent group
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if you haven't seen them and I really
believe that it will
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allow you to be a more insightful trader
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show what is our current forecast from
where do we think the market
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I is going to go too well as you heard
on the interview
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really what I'm looking for is so murky
to move down to a possibility about
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up 1262 and in other words I'm looking
for a total ABC progression
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that would go something like this: we
had our
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long wave one here that was composer
1,2,3,4,5
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then we had a1 org Hu's me
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are be met the criteria went to fifty
percent
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and I believe our she will take us to
the sixty-one percent
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level and that is 12 sixty
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to for those who have you who would like
a more information on this topic and
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look at the
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next three pattern group so we're going
to disclose
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simply go to our website called forecast
acecomm you'll see this link click here
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to join EP haven't joined from there
you'll see create free account
9:45
what she have the coat you'll have a new
set of options and one of the options
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will be after the show
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along with recent videos if you go to
after the show
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it will typically show you all of the
different after the shows in you'll see
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listed candle patterns
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that is the first three patterns from
last week
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again using candle patterns
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Elliott Wave Fibonacci retracement to
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forecasting create price models to
affectively trade
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the gold market great gary thanks for
joining me enjoy the long weekend
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my pleasure I want to wish all our
churches viewers a very very
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happier holiday and most importantly a
great three day weekend
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great training next week we'll talk to
real soon by
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and thank you for watching this edition
%uh chart this is any comments or
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questions please don't hesitate to sign
up for news be back at CITCO dot com
10:37
enjoy the long weekend folks the
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