I see Gold’s weekly chart bull candles no Bollinger Band lows and have the urge to buy a $1700 call spread strike calling “a swing low is in/near” for short-term buy, writes Trevor Smith of Trevor's Trading.
With seasonal holidays that are traditionally bullish for Gold, in the context of bullish technical charts, Gold may be on lows for the next few weeks. No advice was rendered, but we’ll see in December how it went.
My general predictions from now into 2025 are that near-term price pullbacks occur before Monthly charts rally off Bollinger-Band lows into New Year’s Eve with 2023 being a yearly-chart short traders stops run higher on the two-year short trade that they initiate in Q3-4 of 2023 for the next two years when, well, who knows what happens as potential realities?
If I am directionally wrong by being a 2024-2025 bear, I might change/soften my opinion ahead of the bear market resumption if the 2022 yearly candlestick closes more bullish in the next two months.
My last article entitled, “October: A Reversal Buy Point (moneyshow.com)“ predicted bullish markets off lows, and markets actually gave a double-bottom monthly swing low. I also continued to emphasize my “visions of a mining operation in an icy cold place, possibly Europe that started rather innocently but may deteriorate into a human/workers’ rights issue”, when secret Bitcoin mining operations are the only ones recently exposed/discovered in news headlines, so I may have misperceived the type of mining operations, or it’s an unfulfilled prediction. As of Oct. 26, 2022, all ten projected ranges are printed.
November’s Predicted Ranges (Written October 27, 2022)
E-mini S&P 500
High Range 3910-3880 Low Range 3760-3735
Bullish range. Near-term price pullbacks before the Monthly chart rallies into New Year’s Eve with 2023 being a yearly-chart trader’s stops run higher on the two-year short trade that late 2023 introduces bearishness for a harsh next two years. Near-term, the price could get sandwiched between 20-week and 200-week moving average levels.
Bitcoin
High Range 21750-21151; Low Range 19700-19413
Bullish ranges; breakout short-term rally.
Euro FX
High Range 1.019-1.011; Low Range .9995-.9700
Neutral-bullish; after a pullback of a moving-average deflection overhead, it could rally into 2023.
Gold
High Range $1711-$1692; Low Range $1657-1641
Bullish range. Read about commodity supercycles and mining. $1,758 Aug. monthly pivot support. On temp swing lows then down two years.
Crude Oil
High Range $89.97-89.04; Low Range $86.82-83.17
Mixed up then down, an unfulfilled dream state premonition of the $56 pullback traded.
Prior Predicted Ranges (Written September 28, 2022)
E-mini S&P 500
High Range 3943-3843 Low Range 3690-3667
Bullish range. So bullish that I could be lowballing its high side—even 100 points off at 3843. Omitting bearish space weather content for this month, as traders would be lucky if it goes lower than the current 3700. If I’m wrong, check the 200-week moving average for support below if it takes out Sept. 28 candle’s low.
Actual: 3897-3502
Bitcoin
High Range 21500-20657; Low Range 19300-18551
Bullish ranges;
Actual: 21,055-17,810
Euro FX
High Range .9902-.9832; Low Range .9658-.9561
Neutral-bullish;
Actual: 1.013-.959
Gold
High Range $1701-$1685; Low Range $1642-1621
Bullish range. Read about commodity supercycles and mining. $1,758 Aug. monthly pivot support.
Actual: $1,738-1,621
Crude Oil
High Range $85.50-84.01; Low Range $78.98-77.70
Wide ranges. Strongly-trending, multi-timeframe, narrow-range brake setup. A $46 level is possible-in 2024, based on an unfulfilled dream state premonition before the $56 pullback traded.
Actual: $93.64-76.42
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
