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...
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.
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!