chartwatchers
Long

GOLD - King of the Thieves

OANDA:XAUUSD   Gold Spot / U.S. Dollar
The triangle plays out as expected.

This time I didn't play the short side, because it's getting too dangerous for any short. You have to be very nimble and fast to jump out at the right time from a short position in a spiky bull market like this one. I'm also afraid this might be a tricky breakout without the tag of the lower trendline , so I will play this on the long side only.
The 50 EMA and 50 SMA played an important role in the triangle, so I will use this as an entry for another long position.
RSI is oversold on the hourly and turning up.

Don't forget we are trading with bankster manipulators. In this case you have to act like a thief and expect the unexpected.
Comment: While everybody’s waiting for the tag of the lower trendline of the triangle how about a breakout without a red follow-through day tomorrow ?
Comment: We found support on the 100 SMA on the 1 hr chart.
Comment: Same 100 SMA on the 4hr chart
Comment: ... and the 50 SMA on the 8hr chart
Comment: Shouldn’t we print a red candle
Today if we want to tag the lower trendline?
Why is this candle green?
Comment: Because we will break out next week.
Comment: Today's price to watch for the breakout is 1425$.
Comment:
Moment of truth.
Comment: I think we are breaking out today.
The move above 1424 will trigger a lot of buys.
Comment:
long Dec futures; equal to about $1424 spot on move above the line; but put a tight stop in around $1419. if it fails at the line could go back down to around $1390-$1400 again, and would buy it there. Agree?
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@glewing123, I think USA will wake up for a 1440$ gold tomorrow.
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I can feel the TINGLE :)
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You can take a look to my XAUUSD TRADE :)
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Still long idea valid?
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@mkandy, Yes. They are trying to push it hard down to the lower trendline.
Crazy volatility.
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mkandy chartwatchers
@chartwatchers, good call Arpi :-)
Reply
Lets hit 1442
+1 Reply
worried about stock collapse will make it bearish?
+1 Reply
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