chartwatchers
Long

GOLD - Daily bottoming patterns

FX:XAUUSD   Gold/U.S. Dollar
4174 27 63
3 months ago
I just want to take a short look how gold             bottomed in the past at DCLs and ICLs.
This is a typical bottoming pattern what we are printing today.
Some big players are selling huge amount of contracts into the breakouts and buying back them on the same day at lower prices.
So at the news today get ready again for breaking 1249 and maybe 1241 but it will be only a fast spike down and will be bought by the banks and insider big players again.
I will post a few earlier daily bottom in a few minutes so refresh it. Fight for your ounces, don't let them to get it from you for cheap prices.
Gold             is running out of time : time for a bounce. Time is against these artificial breakdowns...
3 months ago
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3 months ago
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3 months ago
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3 months ago
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3 months ago
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3 months ago
Comment: Smaller time frame today:
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3 months ago
Comment: Only Yellen1s speech is important now. SHe will call our gold bottom.
3 months ago
Comment: I calculated the Blees as they released the COT reports today .
The Blees is at 35.
Commercial shorts decreased by another 50.000.
I'm going to post tomorrow the COT gold chart .
Though the Blees 35 only it's still predicts the reversal. I will explain tomorrow's post.
3 months ago
Comment: I posted GOLD COT analysis on twitter as a private idea.
3 months ago
Comment: If you have any question just write below the private idea post , I will answer it there. My twitter account can be found at my personal datas here on tradingview.
Traznor
3 months ago
GOLD will go to the key price level 1200
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joao
3 months ago
don´t you see this 1.2500 support has a signal that it won´t come down? thanks
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Ro PRO
3 months ago
1241
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liuzhiji8888
3 months ago
I saw the cot,too. ok,waiting for your tomorrow post.
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nnavarrete PRO
3 months ago
Comparing units outstanding versus one week ago at the coverage universe of ETFs at ETF Channel, the biggest inflow was seen in the Daily Junior Gold Miners Index Bull 3x Shares (JNUG), which added 16,350,000 units, or a 39.4% increase week over week.

And on a percentage change basis, the ETF with the biggest increase in inflows was the ProShares Ultra Euro (ULE), which added 150,000 units, for a 25.0% increase in outstanding units.
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pmcllc PRO
3 months ago
1241 seems short term support but it may continue to go down?
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caneman
3 months ago
XAUUSD Intermediate Cycle Low Analysis - on the launching pad!
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investment6300 caneman
3 months ago
Thanks for your insight! What do you think of the convergence or divergence on RSI and price between the LAST 2 ICL and HCL . The impact for great move in shrter term or what?
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caneman investment6300
3 months ago
Not sure if this answers your question, but you can see the RSI established a clear downtrend line, and divergence, after the initial major surge upward from the ICL, will most likely be the same for the next move to 1400+

Interesting events in Russia either ignored or not yet factored in to gold... I suppose the media is distracted right now with their concerted effort to destroy Trump with the "bimbo of the day" reports and not keeping their eye on the Bear...
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caneman
3 months ago
Commentary for chart above:

I am certain we made and ICL with the doji that printed on 10/7/16... this ICL is showing a similar indicator profile as the prior two, note the similarities:

Trend Line ( RSI ) - reached oversold levels and broke the downtrend line
Trend Change (Fisher Transform) - the F_T reached extreme levels and is starting to turn up, although this hasn't happened yet for this ICL it is just a few daily bars away
Momentum (R_B_O) - the rainbow oscillator always turns before a move, its an early warning type indicator, it has reached oversold levels and is rising
Volume (EFI) - volume exhaustion has been reached, as measured by the EFI

We are still in a bull market with the ICL that printed on 12-2-15, higher ICH highs and higher ICL lows have ensued...
We are at the point where we need a catalyst for a new ICH... a couple of triggers may come in the coming weeks... 1) the US elections will cause turmoil especially if Trump holds steady and is closer or leading in the final polls, 2) FED passing on rate hikes in Nov and Dec as they look for signs of improving demand from the economy... just waiting for the one big green candle to get the bull party started again!
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Ronnee caneman
3 months ago
Thanks for a very good set of charts, an the excellent explanation of them..thank you, Caneman, APRi and the others on here for your thoughtful in depth study and sharing those results..much appreciated by this novice anyway..
Cheers..here's hoping
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investment6300 caneman
3 months ago
I am surprised that this war and aggression on. USSR, UN and US with siria that is reaching very serious levels open declarations , USSR had nuclear excersice and calling their people back. This is not phasing anyone yet
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chartwatchers PRO investment6300
3 months ago
Reason : USA gold paper market manipulation.
They do whatever they want.
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chartwatchers PRO chartwatchers
3 months ago
That's why the V shaped reversals at the bottoms and tops. I explained my last twitter post.
When they are ready and have all the positions they want : the market is turning immediately.
Nothing changing fundamentally everything is the same on the day of price reversal than a day before.
The difference that they din't have before the day of rally was the conference call. When they consult and decide the rally can begin they stop dumping and holding the price down : get out of the way of gold and let it run.
I think what happened on Friday (yesterday) that they stopped the attacks by the close but algos pushed down the price. We might be ready with this bottom.
I think that 3-4 big banks is controlling gold price on the world. They also see the positions, stops, everything. If they want to run the stops below a strong level they have to calculate is that contract dump worth or not. They don't want to loose money.... If they dump the contracts they have to be sure can buy it back at lower prices. That's why they attacked gold when china gold market was closed last week.
China is making their job harder. I think they wanted a lower low this week but they simply couldn't push price down.
Don't forget the large speculators were also there to buy cheap gold. So what big players sold at 1255 with contract dumps aslo were buying others so at the end they might not get cheaper prices at the average.
I think we might be ready. Monday will tell.
+5 Reply
chartwatchers PRO chartwatchers
3 months ago
These big players (3-4 bullion banks) are dumping usually 10-15-20.000 contracts (illegal!!!) in a minute.
I have seen many times the 2-3000 contract dumps ( this is legal!!!) of small banks. Sometimes they are lucky and run the stops but I've seen a few times that nothing happened and they must had big losses on the contract dump as they couldn't buy back gold cheaper. These smaller banks don't have all the datas to play these nasty games at the exact time.
+4 Reply
albertwt chartwatchers
3 months ago
Thanks Arpi,
That does make sense after all. Which news source that you read / follow ?
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TwitChute PRO chartwatchers
3 months ago
This makes a lot of sense, it's not a coincidence that this always happens on the Comex which is one exchange that doesn't have systems in place to halt large dumps of this nature. If they wanted to fix this, they know how.
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investment6300 chartwatchers
3 months ago
Thanks for info Apri, this literally a game of waiting it out and reading manipulation and guessing what the banks are up too or you lost 80% of the time. Thanks for your time!
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Tosharun
3 months ago
Apri you are the best, load of information in here. Thanks a lot.
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kidbroge
3 months ago
They to keep it simple. ...the formula: News (bearish or bullish) divided by price action (bullish or bearish)=Current market sentiment. Economic news was bearish, price action was bearish, should have been bullish = weak market. Is this too simplistic ? I know there is an old adage, old saying regarding this. Thought Gold would retrace this week. I am again befuddled.
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cjprange
3 months ago
Thanks for the great work CW and for keeping us posted. To me the technicals look long term bullish and i'm pretty long. I just wish we weren't relying on bank conspiracy theories, although they are interesting, it makes for an unsettling investment lol.
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mrtommifunn PRO
3 months ago
Hi Arpi, I'm glad your looking at the blees. I've currently been watching it and have it at 49 though as yours is 35 as you know it depends on the time frame used in the calculation. Its nice to see the commercial shorts there lowest since end of May start of June. This was when we had a very nice rally. These coming weeks are looking good to go bullish.
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Parabolica
3 months ago
Thanks Arpi!
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johnmad PRO
3 months ago
The possibility of the Geo Offset Rule that price normally Makes a Correction once
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johnmad PRO
3 months ago
somehow i did not finish explaining my thoughts , some how something went wrong but the Wolfe Wave Offset Rule is that it is a high possibility that price will meet with that line before a Correction is made .
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GeneTyne
3 months ago
looking at monthly and weekly, a long doesnt seem very convincing yet
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Nightstar GeneTyne
3 months ago
It never does. And by the time it does; you've missed it :)
+2 Reply
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