chartwatchers

GOLD / DXY / EurUsd - Market summary

TVC:DXY   US DOLLAR CURRENCY INDEX
2094 23 57
3 months ago
As I mentioned in the previous market summary post I think the money is starting to flow out for a few days from
the stocks and maybe from oil             .
If investors are not buying stocks nor the dollar then money starts to flow into gold             for 2-3 days. This is exactly what I'm waiting for.

Today the FED minutes might show that the FED is not so sure about any rate hike this year.
In this case we have a little pop in the stocks but by the end of the day investors will sell it off as they afraid of an overbought stock market and the weakness of the economy as the FED is not so sure regarding the rate hike.
That also not very good for the dollar. But this would push up gold             to its cycle high by the end of this week.

Technically I can see a bull flag in the EurUsd             and a bear flag in DXY             which could break out today afternoon after the minutes.
These kind of EurUsd             rallies are usually lasting for minimum 2 days. So I think it's not over yet . We have one more pop in the EurUsd             and one more drop in the dollar.
3 months ago
Comment: we are very close to the apex it can break anytime from now.
snapshot
lbg01 PRO
3 months ago
still bullish on gold then?
Reply
chartwatchers PRO lbg01
3 months ago
I closed 40% of my long position yesterday at the pop.
Waiting for 1390 with the rest.
+1 Reply
mlwinter PRO
3 months ago
brilliant work as always!
+2 Reply
lbg01 PRO
3 months ago
Yes!, great work!
Thanks a lot!!
+2 Reply
GoldB777
3 months ago
$GDX/NUGT miners is getting absolutely pummeled today, and spot is not really down that much..
Reply
bertcoin PRO GoldB777
3 months ago
GDX/NUGT painfully not in sync with gold today. I'm out the other half I closed yesterday morning. Smaller profit, but green.
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chartwatchers PRO bertcoin
3 months ago
I think it will follow gold later if it breaks out of the triangle
Might be just a beartrap before the final top
Reply
lbg01 PRO chartwatchers
3 months ago
Should we load at the pop on the fomc? or wait for the triangle to break? miners I say
Reply
toothless
3 months ago
Bertcoin: I'm in the same boat with you as NUGT. But look at what just happened in NUGT. That spike. Can it scream manipulation any more than this? Apri is spot on once again in predicting the bear trap. Wow.
Reply
GoldB777 toothless
3 months ago
I agree.. I was holding NUGT from the $160's
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bertcoin PRO toothless
3 months ago
I assume that was the Fed Minutes that caused that....
Reply
Ibrahim_Maher
3 months ago
hahahah go die :D
Reply
CagatayCetin
3 months ago
Volume is decreasing and it's too volatile right now, I hope it will break but I'm not sure.
Reply
AaronSwan PRO
3 months ago
Does this take the retrace of oil of the table?
Reply
Mining stocks are getting sold slowly after bounce.
Reply
PF7
3 months ago
Gents, what's happening. Gold is going down.
Reply
CagatayCetin PF7
3 months ago
Gold is already too pumped up, there aren't enough buyers and traders are expecting a retreat -trying to avoid a risk-, FED is incredibly manipulative and there isn't enough volume to keep it held over 1349. I foresee it will stay around these prices for a little while more and then start falling.
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Gold mining stocks point that it will go down big time. I think we are looking at double top and we will go down to ICL in GDX. Fed is bringing rate hike back to the table.
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Need to see how day is finished. If stocks sell off at the end of the session I would say that would be the end for gold.
Reply
kidbroge
3 months ago
Last month's close for July was 1349. I'm looking at that level. I noticed in the monthly charts we haven't had 3 consecutive up months since 2012.
Reply
Hightower
3 months ago
Great work - thanks for sharing. The magic of decoupling USD/Gold in -play now. C'mon 1352 gold give in! :)
Reply
2use
3 months ago
Probably one of the best charts as i think. Great job!
Reply
dchua1969
3 months ago
hi,
very nice charts. can someone advise how do i put the two different charts or same chart with 2 different time frame side by side ? is this a paid service?thanks
Reply
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