We tested back this level and turned down from the neckline of the pattern.
The 10 was catching up the price and supporting the downtrend. The market is a little bit nervous so we will test back again and again the 20 ( like 2 hours ago).
In these hours price is fighting the 100 . As the dollar continues its rally we will break down this level also.
Those who entered yesterday or the day before yesterday now can sit back and enjoy the show because this decline will be a tough one. The late bulls must be stopped out in 2 weeks. By the end of May everybody will be talking about the is back and gold is heading to 1000$.
My first big target is the 50 ( ) : 1235$.
And the final target is the 200 : 1181$.
DUST will be on fire today with a runaway GAP open.
When we break below it significantly they will realize that something went wrong and
everybody wants to exit from the long positions in the same time.
It's not a testback or a pullback.
This is a horrible intermediate decline when everybody is bullish and will be caught at the wrong direction.
It's a good entry point I think.
Or you can enter now and add there the other half of the position.
But please don't go all in.
The bulls will come and try to buy the dips again and again /till the last phase (4-5weeks from now) when all of them will be stopped out in the panic selling stage . / so that dip buyers are the reason that you MUST SURVIVE THE POPS. In these dip buyers there will be big funds who are buying for the next 3-4 years and governments like China. They don't care if we go down to 1150$. They buy at the price what was ordered to them and those buyings will push the price up.
But the Key reversal will hold now.
I'm adding now
We had the perfect backtest.
We will stop there for some time.
The daytraders could take profit there and add back later.
We tested back the neckline again.
If we reach the 200 EMA on the hourly day traders could take profit on half of the position. And get back later...
The daily 10 EMA is at 1266$ it is an important level. Bulls will move into action then.
But this gold is done guys. We will eat toasted bulls in May.
And then a rally to 1400-1500. Just too many bulls now. We are cleraing the sentiment.
Smartmoney has to realize the profit from the rally.
And the small bulls must be stopped out and give back the previous gains plus the pension rate in this decline.
It is the same as always...