chartwatchers
Long

GOLD - Day 4 of free falling

FX:XAUUSD   Gold / U.S. Dollar
4448 33 52
Posting the 2 days earlier private idea. The newest gold             updates you can find on my twitter account as a private idea link.
Thursday & Friday we closed below the 200 SMA on the daily chart . It doesn't mean we are in a bear market... It's just gold's second ICL , a really serious decline. We've seen the same thing in oil             a few weeks ago. It broke below the 200 SMA and recovered fast.

The bad news:
Beside the 200 SMA I've set the 240 SMA (green). At the bear market IC             highs ( highlighted by blue) price was tagging the 240 SMA . We cannot rule out the tag of 240 SMA . If the world thinks that NFP was good enough and China is not buying tomorrow we might tag 1228 (240 SMA )
Notice that Friday we stopped at the pre-brexit lows. If the rumours are true that a few big players needed to get out of short positions ( opened ahead of Brexit ) before DB             crisis, US elections, Italian bank crisis this is the point where they could exit at break even...

The good news:
RSI - and a few other indicators not shown - are at extreme ICL levels. We dropped so fast so much that we are at the bear market low levels in RSI ; TSI and SlowStochastic.
The question : was it enough for the banks? The relentless selling and the big hurry might show they knew the data is weak .
My thoughts that they will hit one more time gold             on Monday. If too many traders are liquidated on Monday morning in China we will tag the 240 SMA at 1228 and will recover only Tuesday/Wednesday.
China gold             market will open 100$ lower where they went for a Holiday.
This will be an interesting open in the next hours.

Comment: Here is a guy - TPparadigma - he was buying at 1242-43.
His posts worth reading...
GOLD / 1258! / Technical Chinesse.
Comment: A possible Head & SHoulders pattern is forming
on hourly gold.
snapshot
Comment: Inverse H&S....
Comment:
snapshot
Comment: It's getting interesting, I see 2 possibilities:
1. Gold is predicting a fall in the dollar ( FED might have to step in soon against the dollar???)
2. Or we will start to rally with the dollar just before Brexit.
Apri, what would your explanation be for the huge spike in the gold XAUGBP be and then also not seen in the XAUUSD.(11 th)yesterday
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Hi, if you did not know China currency became part of SDR at IMF new currency representation 30 October and that why 2 October gave dollar rally possibly . A new sift in currency wars
video tells a little more or google https://youtu.be/P9J_V5GGU4Y. New currency surprise to hit world possibly in Jan 2017
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So what if you called the bottom of oil - you probably have bottomed your account from Gold?
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Been watching your charts and analysis - gained profits at first then started losing money. Then what I did is basically did the exact opposite of your analysis and made so much more money. Thank you, keep it up - will be doing the exact opposite from hereon.. lol
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Perseus ezytradesignals
No offense, but 100% blindly following someone else is not a smart thing to do. That just speaks to your level of intelligence.
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No offense, I have been following Arpi blindly with his scare mongering that Bulls will have a lightspeed move, and until recently, been doing my own analysis and just went against his ideas. - Made money and recoup the losses as well.
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How do you reconcile the fact that DXY has now made a higher high than it did previously in July? Should we not expect a lower low in Gold and what does that do to the Bull market?
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I think that the fall in the dollar is the most likely scenario.
Please keep posting your great analyses and don't pay attention to the haters .Been there done that..when you are right 99% of the time that is expected but when you are not immediately right the other 1% of the time then you are a failure that cost money to someone....Wronnnggg!! That is not true....if I loose money it is because of of my mistakes not your opinions period
Thanks for sharing your knowledge!!
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https://www.facebook.com/marketwiz000/posts/1833391450209746
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Had a trader by the name of Christopher terry suggest a possible sell at 1280 with a sl at 1300 and a tp of 1240. Will post link to video
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