Traders who are going long in gold in these days are running after the price.
We are very late in this gold intermediate cycle : it started on 12.04.2015. We are in the 4th daily cycle.
Usually an IC has 3 daily cycles in gold.
1st DC: 28 days,
2nd DC : 23 days,
3rd DC: 28 days,
4th DC: 24 days ( and not finished yet)
A daily cycle has 25-40 days. It seems we are printing shorter daily cycles in this intermediate cycle.
So...
NO WAY TO BUY GOLD ON THE 24th DAY OF THE DAILY CYCLE IN THE 4th daily cycle of an IC.
The risk of getting caught is 99.9%.
The banks and funds just pushed up and broke out gold price to get rid of the mining shares on the highest possible
prices. Now when they finished their work and sat back in their comfortable chairs gold can start its decline on the green back of the strengthening dollar next week. (The dollar has maximum 3-4 days to break down the August low and start an ultimate rally.)
So until the dollar starts its rally gold can test the 2015 January IC high at 1307 or maybe ( I see a very low chance for this) 200 weekly moving average at 1325. If this 2nd scenario happens I think we will drop 50-60$ in one day with a shooting star candlestick.
Horrible divergencies in the indicators : MACD, TSI.
RSI is making lower highs since 11th February..
So I think next 2 weeks we will see price at 1235$ at the bottom of the blue channel which we will break this time and start the decline to the 200 EMA.
P.S.: Zoom out the RSI to see the arrows
We are very late in this gold intermediate cycle : it started on 12.04.2015. We are in the 4th daily cycle.
Usually an IC has 3 daily cycles in gold.
1st DC: 28 days,
2nd DC : 23 days,
3rd DC: 28 days,
4th DC: 24 days ( and not finished yet)
A daily cycle has 25-40 days. It seems we are printing shorter daily cycles in this intermediate cycle.
So...
NO WAY TO BUY GOLD ON THE 24th DAY OF THE DAILY CYCLE IN THE 4th daily cycle of an IC.
The risk of getting caught is 99.9%.
The banks and funds just pushed up and broke out gold price to get rid of the mining shares on the highest possible
prices. Now when they finished their work and sat back in their comfortable chairs gold can start its decline on the green back of the strengthening dollar next week. (The dollar has maximum 3-4 days to break down the August low and start an ultimate rally.)
So until the dollar starts its rally gold can test the 2015 January IC high at 1307 or maybe ( I see a very low chance for this) 200 weekly moving average at 1325. If this 2nd scenario happens I think we will drop 50-60$ in one day with a shooting star candlestick.
Horrible divergencies in the indicators : MACD, TSI.
RSI is making lower highs since 11th February..
So I think next 2 weeks we will see price at 1235$ at the bottom of the blue channel which we will break this time and start the decline to the 200 EMA.
P.S.: Zoom out the RSI to see the arrows
Comment:
Now we have to break below the 20 EMA
Comment:
Comment:
We broke down finally.
Next step is the 10 & 20 EMA crossover...
Next step is the 10 & 20 EMA crossover...
Comment:
We printed a daily shooting star candlestick.
Comment:
Waiting for the dollar to finish the move in the panic selling stage.
Maybe 1 or 2 days.
Be patient.
Maybe 1 or 2 days.
Be patient.
Comment:
Gold rally had slowed down.
The dollar at new lows.
Gold is not able to run new highs.
The dollar at new lows.
Gold is not able to run new highs.
Comment:
We are giving back all the gains that were made in the morning on the falling dollar.
Key reversal's high still holding.
Key reversal's high still holding.
Comment:
Bulltrap confirmed...
10&20 EMA crossed down.
10&20 EMA crossed down.
Comment:
We are testing back the breakdown level and let the 10EMA to catch up the price
Comment:
It's starting to be too perfect.
It looks like we are turning down from this level with a key reversal candlestick ( Key reversal: New high in the trend near to an important level and the close of the key reversal candlestick is below of the close of the last candlestick(s) ) The more previous candlestick we close below the stronger the reversal is...