Reitak

Gold (we are near end)

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
This is update of my old gold triangle chart,added big range we are on right now + intern cyan area. On current position and if market want continue as previous moves, we hit today bottom triangle and now is headed up to 1295. As you see , we are really on end this 14 days attack on 1300. Tomorrow no important news, but on sunday is important GDP China what can move this gold on monday. So prepare tomorrow for possible break triangle before GDP or max Tuesday Home Sales and JPY BOJ. Sumasumarum this chart show 2 scenarios - first is penant bullish flag with up to 1330 (height of flag) and then maybe 100 up (lenght of poll) or second scenario, if market want continue per forex rules trend area, this can go hit red area outside triangle on 1280, possible 1274 what is for now very important zone, under if break then down to range area 1265. But with previous attacks on red area, is strong zone. But if it break triangle and we go hit red area, it can start panic on market and people will close their buys and bears party start.
If this break top of triangle on 1295, bears are still in game as we have still cyan and orange area 1298-1300 what can be still strong as you see on previous moves where cyan hold many times. Will see what will be valid, if that pennat flag, or forex rule where it will continue trend, it mean down to 1274-1265. And RSI on 4h, daily show down, weekly RSI is near top. I prefer way down.

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