chartwatchers
Short

GOLD - The forgotten triangle

FX:XAUUSD   Gold / U.S. Dollar
7837 104 114
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.
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Comment: We are in the 2nd wave now.
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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$.
Lower low again.
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Comment: This is the power of the 413.000 commercial short.
Once we run out of buyers gold can't stand up.
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Comment: So don't have to be in a rush to close the short position.
Relax. Let the bulls to freak out.
Comment: This hourly candle will be the last big volume candle today.
Important how it will close. I would like to see a red candle. In the next hours we can see some kind of bounce. Don't count on 10$ 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...
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Comment: http://seekingalpha.com/article/3977520-time-take-profits-gdx
Latest news - LOL
Kewl any chance it can get to 1220 today ?
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Not out of the table but 30 $ is a bit lot for a one day.
Wednesday is too late for you?
Why in a rush?
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chartwatchers PRO chartwatchers
I think 1237$ will the bottom today .
Tomorrow easily could be.
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this is great! how is your day going? :)
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Busy.. Bulls are bombarding me with personal messages why are we going down...
:D
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ice_holly01 PRO chartwatchers
is it late to buy dust now? thanks.
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The ideal point to enter DUST was 05.17.-05.18. Maybe today will be good if gold doesn't break down till the US market open.
If it breaks down DUST will open with a gap. From that point it's hard to tell is it ok to enter or it's late....

Anyway I think once the rally starts it will go minimum to 40$ and most probably to 60$.
Is that matters if you enter at 12 or 15?
I think it's a low risk enter today also. Just put your stop below 12$ and wait.
Don't try to jump in and out after a 2$ rally... Once it starts it's going to run away
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KevinTang chartwatchers
Hi, thanks for posting. I tried to trade JDST/JNUG, like sell on high at JDST, buy at low at JNUG, then sell JNUG in the same day, and buy back JDST. It has been working in the last week because of the upside/downside waves. Any advice on my trading in this week?
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ice_holly01 PRO chartwatchers
Thank you master! I still have a bit position bought at 14.8. I will add more and sit tight. :)
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Bearbud chartwatchers
Is it too late to get into DUST? Last I looked it was at 14.89 or close to it. So I am confused about above getting in at 5.17?
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No too late. You wanted to write 15.17 didn't you?
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Great job chartwatchers
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chartwatchers PRO dimitriosb602
Thanx
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I am bearish too. my bottom is $1230, if they breaks then around $1200 will be a good support. this is a normal correction for a bullish weekly trend.
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did you short yet?
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Yes we are short from 129x
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run away started..
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when can we buy dust?? or option for dust or nugt seems to be good time??
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The ideal point to enter DUST was 05.17.-05.18. Maybe today will be good if gold doesn't break down till the US market open.
If it breaks down DUST will open with a gap. From that point it's hard to tell is it ok to enter or it's late....

Anyway I think once the rally starts it will go minimum to 40$ and most probably to 60$.
Is that matters if you enter at 12 or 15?
I think it's a low risk enter today also. Just put your stop below 12$ and wait.
Don't try to jump in and out after a 2$ rally... Once it starts it's going to run away
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isaac312 PRO chartwatchers
lol Thank you mate. I read all of your comment already , but did not quiet understood that you expecting dust to go $40 by when?? just curious and want to follow your rationale.
Is there any resistent indicator point we can super bullish on dust??
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I'M watching GDX-GDXJ-NUGT and some individual miners. DUST's chart is terrible so you can't chart it.
I will jump out DUST when I see the signs in GDX and GDXJ (or NUGT). ANd watching gold as well. When gold prints the intermediate cycle low then comes my dustexit.
The moment will come in a month.
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chartwatchers PRO chartwatchers
But 40-60$ is not irreal. Once miners start to fall it will be really scary...
DUST will fly with teleportation gaps. :)
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toothless chartwatchers
Good morning! Thank you again for all of your analyses. Learning a lot and always enjoying the reads. Mahalos from Hawaii
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Thanks for the support ajmataz! ;)
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farrukhmpm chartwatchers
Sir, any idea about S&P, Should we hold it. Long at 1242?
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Sorry I couldn't answer it has a long way to go. I hope you didn't close.
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isaac312 PRO chartwatchers
thanks mate! I was thinking similar, but why? soros and his friends are buying tons of load I think, then the retailers also react same to miners stocks, so even xauusd down but stock wont punish much
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saint_athur isaac312
Arpi, what is your point of view regarding soros statement? Or he just trap retail traders?
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What was that? I didn' read anything now.
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THey have a hell of a lot of money. They are buying for the next 3-4 years.
THey just need a good average. So they will buy all the dips down to 1140$.
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saint_athur chartwatchers
Tq arpi. Nice opinion.
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I have a large buy at 1254 already in loss, should i hold on to it or let go of it? whats the furthest we can go on the upside today?
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KevinKhuthadzoMuluvhu KevinKhuthadzoMuluvhu
By the way, been going through your analysis, you're good at what you do sir
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chartwatchers PRO KevinKhuthadzoMuluvhu
The bad news that we might not go to the upside. :(
I set the levels in the BEAR AWAKENS post. But I can't tell you what will happen exactly in the next 2-3 days.
I think we go to 1226-1230$ now. But if you close now and we bounce then you will not be happy.
What I would do is to cover the whole position set a take profit for the longs at 1040 Then your platform will hold both position the longs and the shorts. Wait 5-6 weeks when gold bottoms and close there the shorts. And then you will be long again from the bottom.
I think I will know when gold starts to go up again at the end of June or beginning of July.

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chartwatchers PRO chartwatchers
corrected: ***Set a take profit for the shorts.***
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Thanks
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eberts chartwatchers
https://www.mcoscillator.com/learning_center/weekly_chart/major_cycle_low_upcoming_in_gold/
what's your opinion on this timing ? and btw, tx for your great analysis !
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chartwatchers PRO chartwatchers
Did you cover the longs?
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Yes i did thanks... booked quite abit of profit aswell. thanks
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chartwatchers PRO KevinKhuthadzoMuluvhu
Fantastic! Happy to hear that you were not watching this decline in a long position.
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got back in at 1248.70,, glad to see it go past 1243. Thanx for the analysis it keeps me anchored, especially when it dovetails with what I look at.
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It is very frustrating to see GDX so resistant to the fall compared to gold. It has decoupled so far from the gold price ever since February. It moves on a 3:1 or higher ratio on up days but only 2:1 ratio on down days. At gold price levels right now, GDX should be back under 19 like it was back in February and March. It just appears to me it has heavy dip buying action every single time.
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xiiimik itrade9s
I think it will fall faster now. The horizontal resistance was broken. The target should be around 21-19.
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xmrtl itrade9s
Miners/ explorers generally have been even more extremely oversold vs gold because many were not profitable anymore at those prices- now sentiment has shifted knowing we are in the new bull so we can`t expect old price levels to match the coming higher low . Many will hold on to their core position.
Also when gold crashed in October remember the miners hit the bottom first and held up at that level while gold was falling to 1050 (only to recieve the last smack down when gold already had started to move up again)
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Just wait as it breaks 22.75. Miners will follow gold.
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itrade9s itrade9s
I understand and appreciate the responses but GDX is at same price when gold was 15 dollars higher just less than a week ago. Should have shorter gold instead of miners? investors love buying these miners on drops hoping for uptrend continuation again...
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Gold's decline could be stronger than miners' decline.
Or maybe gold drops 7-8$ tomorrow and GDX will have a 7-8% decline tomorrow.
It's impossible to tell what will happen.
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Beautiful :)
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incredible :)
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This is great.
Thanks man
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you are the king of gold, amazing.
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You are so handsome!
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I'm riding the trend now. Thank you!
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Not touching a thing, thanks so much for your expert guidance!!!
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do you think the trend will go up to 1237 for correction?
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or 1239-45?
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1240$ is possible. DOn't thinnk it will go higher.
Now the trapped bulls will sell every bounce.
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alanprotrader PRO chartwatchers
I closed my short with 220 pips, thanks for that nice call.
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saif12 PRO chartwatchers
Thanks man, I am enjoying your analysis, even I am not trading yet. but I enjoy your deep insight. especially regarding XAUUSD, and DUST
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saif12 PRO chartwatchers
You may consider changing your name to stormwatcher :)
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LOL.
thanx
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