Here is my monthly Comex Gold chart as shown at yesterday's webinar, and showing long term trendlines shown here on setup at various times.
I have updated the monthly chart to include the early trading hours of this week, and the price dump in precious metals.
Note that this move occurred outside high volume Comex open hours, (but it may be sustained later today at these levels we await seeing that).
Note also that the first long term target has been now hit. Thus the minimum decline quantity is "in". The next level is clearly marked - also in highlighted blue - should the gold market make an attempt to get to it. But the time of day and hitting of "a" target are important events for Setup readers to note.
Long term consideration: phase one of the bear may now be complete. Short term consideration: a low is unconfirmed. Continuation could follow to the next long term target as long as time remains for the trend to do so. Of note: long term rising support remains unbroken.
So given the dismay that precious metal holders may be experiencing today in light of the price dump during the Asian session it might be a good idea to make public the Rhythm and Price video newsletter from seven months ago, namely 18th of November 2014.
I'll put it up on Youtube later today, but for readers of TFMR here is the links to the server download right now:
RNP #200 18 Nov 2014 mp4 Big picture gold trend parameters, weekly silver seasonal for end of year
(Later I might edit this entry to change the above link to my YT channel version of same, but it won't be uploaded there until tomorrow AM)
I hope that watching this video from last November will help to gain a better understanding of how bullish or bearish the gold market is at the moment while decline for July 2015 is at hand.
As it happens I do expect the long term (actually medium-long term in my world ...) rising blue support to be tested, but hey it's the markets so nobody knows anything about what might happen next! Only until you watch RNP#200 from last November that is .....
Hopefully you will find that the 14 minutes it takes will be worth your time and helps to gain some perspective. We all need a better perspective these days I believe.
Best of luck to all.
The author posts daily commentary on the gold and silver markets in the TFMR forum: The Setup For The Big Trade. More information about the author & his work can be found here: RhythmNPrice. The author advises that he trades and holds market positions in accordance with his own opinions.