GOLD - Jumping on the gold train

FX:XAUUSD   Gold Spot / U.S. Dollar
7962 113 103
Yesterday we not just broke the red trendline but also printed a swing on the daily chart .
Today we made a higher high, so
I make the call : we are in the 2nd daily cycle.
In gold's intermediate cycles the 2nd daily cycle always the strongest one.

My advise to open the position and if we have a dip add to the position. In the 2nd daily cycle the pullbacks are small and rare. Next week we are going to break to new highs ( above 1376$). I think the stock markets will print a HCL             decline and that will help gold             to rally. And when the dollar starts to fall - it seems to be starting now - gold             will skyrocket.

No shorts from now it's going to be a big move up.

Comment: Pullback levels:
20 EMA (we are there right now) and 50 EMA
Comment: Close to the 50 EMA.
Comment: It seems the pullback is done : we almost tagged the 50 EMA.
Hopefully surprise will come to the upside...
Comment: Gold is forming a flag after BoJ.
Waiting for a break to the upside.
Comment: Bull flag broken.
You get 3 very good entry points for the 2nd daily cycle.
I hope some of you have entered. It's going to be a wild ride above 1400.
I was adding at the bottom of the flag.
Comment: I'm waiting for the dips to add.
But it seems we will have a daily maximum close.
It's always the strongest. We will break to new highs - above 1375 - next week.
This is not a daytrade. I'm going to close this position near to the end of August.
NO SHORTS. Only buying the dips.
Trade active: We have a tough week behind us. I will try to cover most of the markets on the weekend because next week we will have unique possibilities to ride especially in gold and hopefully in oil.
Next week I will be in Dubai and Abu Dhabi but will be watching all the market movements and will be posting.
Have a good weekend!
Comment: We have just broken the descending-wedge-flag consolidation.
The bull seems to be ready to really run.
Here is the picture. Volume, closing price and oil data at 10:30 today are the keys. Oil data has potential to push DXY up.

GDX - very probable Evening Doji Star or Abandoned Baby whatever you call it. If by the end of the day the gap is not closed and price moves below $30.68 - that would be a reversal.
pbartashevich pbartashevich
Here is the picture:

Let's watch volume and closing today and 10:30AM today's oil data. It can be positive for USD and negative for gold and oil.
pbartashevich pbartashevich
Here is the picture:

Monday final open interest:
Gold: 569,664 change +866
Silver: 221,987 change -1,356

Not a lot of new money coming in. Still squizing the rest of shorts by scaring them with weaker dollar.
Maybe today market is better.
pbartashevich pbartashevich
Volume aren't that great either. I mean for a break out we have to have some excitement in people but nope it is calm. So watch out those job reports next three days they may trigger a significant pull back if they are good. There is no pressure behind this move up despite weak dollar.
Thanks Arpi. I look forward to your charts and updates, I am long a Canadian gold producer B2B Gold. (BTG nyse)..the gold shares seem to all be trending up together and ready to break out.
Friday final open interest:
Gold: 568,798 change +5,186
Silver: 223,343 change +434

Positive but could be bigger for the move in gold. If today we get negative open interest, I would say we should expect a pull back.
ArtFly pbartashevich
Could you publishe the info If today we get negative open interest....
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