GC - Gold Bugs under pressure

COMEX:GC1!   Gold Futures
272 13
Here we have a clear zoom through the centerline.
As of the rules from Andrews, we can expect a pullback to it with a further continuation to the downside.

Keep in mind that the two grey lines are a potential support...I would not ignore this.

Waiting for a pullback and see what's going on.
Comment: The short was initiated at the pullback.
Here we are at the critical level of support from the prior highs.
If we manage to close below the lower horizontal support line, then I see price down at the L-MLH, around 1140 or lower.
Comment: ...and the drag continues - what a burden this must be for the long-bugs.
Comment: L-MLH is target:

Comment: Target L-MLH reached.
Now a pullback to the upside.

Comment: So far kind of a texbook reversal at the L-MLH...

Happy 2017!
Comment: Run Forest run! :)

I've been keeping an eye on this idea for a while now. Its a good look for sure and I appreciate the insight.

I linked it to my idea just so everyone know where I got mine from.

Happy 2017~!

TexasTower85 TexasTower85
@TexasTower85, Im using Gold/USD chart and it shows it already tapped CL, just FYI

forker TexasTower85
@TexasTower85, How nice is this! Nice job mate, TNX :)
@forker, so what are you thinking? Should we see a turnaround here?
forker TexasTower85
@TexasTower85, Well, I have no cristal bowl :) Price can turn at the Centerline and go south again, or zoom through and retest it bevor going further north. I'm in observing mode.
Looks yummi!
forker captain_smollett
@captain_smollett, yes - alltough, not want to eat the whole cake...only 1/2, up to the CL (Centerline). Otherwise too much callories :)
+2 Reply
@forker, I´ve been on a diet recently so now I want more cakes and chocolates! =))
forker captain_smollett
@captain_smollett, ohh starving for you ;-) wish you all the best mate.
+1 Reply
@forker, thank you, Sir! Same to you =)
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