FX:XAUUSD   Gold / U.S. Dollar
4813 46 77
So finally we got our decline.
I was reading on a few webpage this weekend where the authors were talking about 1450$ gold             by the end of this week. It seems will not happen though.

Before anyone would go all in with shorts I would like to warn them... WE ARE IN A NEW BULL MARKET.
On the 30.05. We printed the low of a 6 month rally. On the 1st of June we entered the second trend of the bull .
There will be declines but for catching them we have to know where we are in the cycle.
Warning signs:
Gold             miners ( GDX             , GDXJ             ) are not falling so hard.
Silver             will have only a 1$ decline.


My cycle count in gold             shows me that we are on DAY 31. This daily cycle topped on day 27.
We printed the hanging man - yes it was a hanging man and it worked. We have 3-5 more days and we will print the DCL. I thought that the DCL would be on the FOMC meeting but if we continue this violent decline tomorrow and Thursday we are done and the rally will start again. So I'm waiting for the 50 EMA tag around 1300 $ and I will load up with gold             for the next rally up to 14++...
We see how and when will get there.

Don't forget when we start to rally again the second daily cycle will start . The 2nd daily cycle is always where the big gains are made. So what we don't want to get caught with shorts in the second daily cycle. So this week the latest I'm going to close my shorts and waiting for the DCL to enter the long party.
Comment: Today's menu:
Pop at high volume in the bear flag in the following 3-4 hours.
We will tag 1347$.
snapshot
Comment: Gold is printing a pathetic rally with the falling stocks and weakening dollar.
I'M almost 100% sure that we will break down the flag and price will drop to near 1300$...
Gold should rally much harder when everything else is falling.
But DCL is DCL .
Comment: The bear flag broke down. Just as I predicted.
snapshot
Comment: It was so weak that couldn't tag the upper trendline n the flag.
Great call
Reply
Food for thought. It looks like gold mining stocks were sold off by smart money. It happened in two waves 1) pre-brexit week, 2) this week. Does it make sense to sell for a short lived gold's pull back to $1300 or longer period of lower gold prices is coming? I think we will go to $1300 then push up one more leg up (third one after ICL) and then go into longer correction and next ICL.
+1 Reply
chartwatchers PRO pbartashevich
There should be 2 more daily cyles. (Altogether 3) We are finishing the first now.
+1 Reply
KhunHunSein chartwatchers
you are perfect, if the price break 1325 , can down more ?
Reply
It is wedge from my eyes.
Reply
Whats DCL?
Reply
Daily Cycle Low price - happens every 20-26 days in commodities.
+2 Reply
How is this possible that many major miners under-perform GDX by around 1.5% They +2-2.5% today. While GDX +3.7%.
+1 Reply
traderzaius pbartashevich
Smart money trying to dump.
+1 Reply
JesseL pbartashevich
Silver Miners like AG, HL. and EXK are a large component of GDXJ, and they are the ones inflating the price of GDXJ.
+2 Reply
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