chartwatchers
Short

GOLD - The forgotten triangle

FX:XAUUSD   Gold/U.S. Dollar
7843 104 115
I 've found one more pattern which supports the short side : the green triangle.
Triangles and pennants are continuation patterns in 90% of the cases. This one is in the 10% exception as it broke down and no to the upside.
I dont find anything just retail trader sentiment that supports the long idea...
The target counted from the triangle (purple line) is around 1190-95.
Once we break down 1190 we are entering into the panic selling stage.
Comment: I would like to see as price is coming down into the red box by Wednesday.
snapshot
Comment: We are in the 2nd wave now.
Comment:
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Comment: Testing back the triangle?
Comment: US DOLLAR in a range while gold is already in a decline.
Gold will shift gears in the decline when USD breaks out from the range.
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Comment: We broke down the resistance at 1243$.
Lower low again.
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Comment: This is the power of the 413.000 commercial short.
Once we run out of buyers gold can't stand up.
Comment:
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Comment: So don't have to be in a rush to close the short position.
Relax. Let the bulls to freak out.
Comment: This hourly candle will be the last big volume candle today.
Important how it will close. I would like to see a red candle. In the next hours we can see some kind of bounce. Don't count on 10$ move, but something will be , some hope to the bulls.
I'm 100% sure that the decline will continue tomorrow. On the attached picture you can see the 4 big volume candles... ;)
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Comment: Starting to look really ugly.
Comment: Day traders could book some profit here.
Comment: Bulls who were trying to long from the trendline are giviving up here.
It's a daily capitulation.
Comment: Crazy. No buyers.
Gold for sale.
Comment: And here is our last big volume candle today.
RED candle...
snapshot
Comment: http://seekingalpha.com/article/3977520-time-take-profits-gdx
Latest news - LOL
thanks boss, for ur all analysis
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Such a great analysis- spot on. Wish I had seen it sooner- losing trades meh
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Apri, you are a Master. Do you think how low the gold price can go, and when will be a bottom (May or June)?
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Brilliant call. Congrats. Last week you said there might be a 5-6 days pullback after hitting wave 2 target. Do you still believe that? By the way, there will be US GDP announcement on Friday, we may see a pullback until then and if it does not meet expectations, pullback would be deeper. Anyway, will definitely follow you from now on. Appreciate what you are doing here. Good job.
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I think GDP will be the point where gold starts a bounce.
Bear awakens chart is still valid. Want to see today's happenings. And post later an update
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ofiratias4 chartwatchers
thank u very much:)
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Hi, see you hit your 2nd wave prediction with ease! After a DC on the 1st wave. Now you suggested maybe 5/6 days cycling this wave until pushing on to the 3 rd . Correct. So far, not many had anything like your 19/05 chart. Thanks for work and dedication, by far the best on this run anyway,! Are you still confident with that chart.? Good luck. Ron ...you also noted the present level is very important...hardest level to break down? Yes


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Magnificent work Ronnie, down again today?
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that Seeking Alpha author probably got a day or two delay on his chart..XD
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People get paid for writing this kind of news.
Unbelievable
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