I'm waiting for the backtest of the breakout at the 1350-60 zone in this idea. Gold dropped 30$ after tonight's 1412 top. I'm looking forward to see a daily pinbar for the close at around 1380-82$. We are very very due for a daily cycle top. If we have a pinbar I will post a daily chart, but this is a low risk entry with a stop above the 1412$ high.
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Miners are not buying gold's late nigh rally:
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Silver down
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Platinum even worse:
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DXY bouncing from support:
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Setting stops above 1312.
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**1412
Trade closed: stop reached
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I will launch another short idea today in gold. For the entry I will use 1423.
@mehmetgdogan, Im thinking it's overbought also, but it could just keep going higher. Like 2016
chartwatchers
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@mehmetgdogan, You can't buy here. The DCL is due. if you buy here you might have to survive a 4-5 days drop when price going 60$ lower.
freedom15
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Arpi; You made a GREAT CALL on Gold again. . .
mehmetgdogan
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I like this idea, i have a buy limit at 1355 ??
Nightstar
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I would be SUPER CAREFUL shorting Gold here; it's just not prudent :/
Not only is King Dollar breaking down in earnest, but Gold is breaking out of a 6 year sideways consolidation. Remember the "baby bull"?! Many people missed it because they were too busy getting in and getting out and getting left behind at the station. Gold is currently set up to deliver that same kind of thrust which means that...
CYCLES, SENTIMENT, TECHNICAL CHART ANALYSIS become somewhat useless when up against unabated MOMENTUM.
Folks, take it from someone who's had to learn the hard way.. Sometimes, sitting on your hands is the best way to play the game :)
chartwatchers
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@Nightstar, nothing goes up in a straight line. ( even the straight Story ended : tradingview.com/chart/XAUUSD/b6IoEMzU-GOLD-Straight-Story/) Miners’ weakness were signing the cycle top.
As I have entered the exact bottom in this idea:
I have the luxury of calling the top
In this idea:
GOLD is finally breaking out of a 6 year consolidation and I sense a CHARACTER CHANGE in the Metals. I would look to buy on every and any pullback, NOT SHORT! But that's just me brotherman :)