Thursday & Friday we closed below the 200 on the . 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 and recovered fast.
The bad news:
Beside the 200 I've set the 240 (green). At the bear market IC highs ( highlighted by blue) price was tagging the 240 . We cannot rule out the tag of 240 . If the world thinks that NFP was good enough and China is not buying tomorrow we might tag 1228 (240 )
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:
- 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 ; 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 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.
His posts worth reading...
on hourly gold.
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.
video tells a little more or google https://youtu.be/P9J_V5GGU4Y. New currency surprise to hit world possibly in Jan 2017
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!!