chartwatchers
Long

GOLD - Daily bottoming patterns

FX:XAUUSD   Gold / U.S. Dollar
4187 27 66
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...
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Comment: Smaller time frame today:
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Comment: Only Yellen1s speech is important now. SHe will call our gold bottom.
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.
Comment: I posted GOLD COT analysis on twitter as a private idea.
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.
looking at monthly and weekly, a long doesnt seem very convincing yet
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Nightstar GeneTyne
It never does. And by the time it does; you've missed it :)
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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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The possibility of the Geo Offset Rule that price normally Makes a Correction once
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Thanks Arpi!
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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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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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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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Apri you are the best, load of information in here. Thanks a lot.
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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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