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    Volatility Reports 5/6/24 Sample

    May 5, 2024

May 5, 2024

Volatility Reports 5/6/24 Sample

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Gold is telling investors something the stock market is ignoring.

“The U.S. imposed sanctions on 20 companies based in China and Hong Kong, following repeated warnings from Washington about China’s support for Russia’s military, including during recent trips by Treasury Secretary Janet Yellen and U.S. Secretary of State Antony Blinken to the country.”

Inputs from membership is always appreciated. One keen observation that the rally Friday was rebuffed at the fifty (50) dma, a popular and widely used moving average. I am not referring to a market but all of the stock averages and the major sectors.

There is more than only the 50 dma that is holding back this rally in the averages, but first the nemesis of the paper assets markets, gold is about to kick off its next bull run according to what the gold market is saying.

Gold is sitting on multiple support levels. The panic (short cover, stop running) breakout above 2332, the high side of annual resistance is being tested with the market now sitting inside new annual support for 2024, down to 2217. Intermediate term (I-T) the gold futures are sitting on their ascending Fibonacci 34/55 MA, with the low side of I-T support at 2240-2260. Short term (S-T) the nearby futures are sitting inside support basis my versions of Bollinger Band’s and Fibonacci ratio weekly support all from 2265 to 2302.

while the short term or daily bar is nearing a clear COT based on price and volatility measures, its intra day bar is showing the picture clearly.

I suspect that gold will resume its rally this week, starting Monday. Working from a bottom-up approach, when the 240-minute bar registers a change in context that calls for a low risk to a no risk low, an alert will be sent inside the WhatsApp community and after some lead time, will be posted here.

The Elliott wave count puts the market on the verge of the fifth of an I-T wave [3] with targets for the 2x ETF of 104 and 93 s-t.

This video is a three minute exposition of the above gold trend from the low risk low in 2023, the secondary buying opportunities to add and where  TE#1 signals a break vs a pivot or a change of trend (COT.) Bringing you up to date for the open Monday May 6, 2024

 

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