I make the call : gold has topped in the 1st stage of its new bull market. The topping was so typical again. Break the price to new highs (above 1284). Get everyone bullish. Convince the shorts that price is running to the sky: so they will stop out. When early bulls, late bulls, short traders are all on board and the daily chart is breaking to new highs banks are selling out their gold positions to small traders.
And when the top is in the last mission to make a day of rally ( last Friday) when the few shorts are stopping out with a candlestick which convince everyone that it is a testback of the breakout.
Guys if we were not able to rally on the bad NFP data do you think we would rally with the soaring stock market and rallying dollar?! Mark my words : This will be a hell of a decline. It will be so powerful and scary that at the end of this you will be 100% sure that gold is going below 1000$.
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Falling like a stone. That's what I was talking about.
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Money is flowing out of gold into the stock market. Funds are getting rid of PM.
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We might be done for today as we are tagging the 20 EMA. I think in the night we will break through it as the eastern markets will continue the sell off.
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Daily minimum close. 4hrs chart couldn't recover above the 100EMA. The next stop is around 1252 (200 EMA- 4hrs chart) tradingview.com/chart/LccZcsCW/
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webmiztriz
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pretty amazing... :o) this chart is a work of art... ;o)
chartwatchers
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;)
vchelimella
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you are simply Awesome Dude !! I will hold my JDST position till i see some update from you Thanks a Lot !!!!
chartwatchers
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Thanx for the supprt.
alanprotrader
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thanks for the update.
What you think will be a good TP zone for the short?
chartwatchers
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The first level is at 1210-1230. But we have to see how strong is the decline.
It will fall at least for 2-3 days now. A lot depends on the dollar and the stock market.
silar.sk3
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excellent bro ur perfect
alanprotrader
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thanks. perfect.
kaotic363
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$1150 (200MA) by mid-June. Hard and fast downswing...
pmcllc
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it looks like the decline is going to be kind of brutal...