At Brainard's speech we've broken out of the wedge and yesterday aftermarket we tested back the apex of the wedge. That level is also important as it is the the bottom of the consolidation. I don't think price will visit the beartrap between 1310-1302. RSI 14 is showing a divergence as price has broken to new lows in the night but RSI couldn't get more oversold. Anyway yesterday's sting to 1313 was just a manipulated move as a big player had dumped a big amount of contracts in the low volume session. It was nearly a 10$ move in 1 minute. Only those shorts were able to close their positions who had a take profit at that level.
I would like to see price to break above the 10 EMA and stay above. MACD crossover would be an important sign that we are heading up again.
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Time of gold is coming. Oil is falling despite the bullish inventory data. Stocks are also dropping. And now the dollar is giving up. We might see this year's most powerful gold rally in the following 5 days.
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Gold is ignoring the dollar's move to the 200 SMA.
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Smartmoney already knows no rate hike next week. The chance is 15%.
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Nightstar
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Folks.. Gold is in a bull Market! This is what Markets do.. they churn, they whipsaw and confuse the heck out of you and then all of a sudden.. the trend continues and everyone breathes a sign of relief. Wash___rinse_______________repeat :) Relax.
saint_athur
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We all know this is bullish trend but pls keep in mind that market have a wave before continue the trend. So be smart before you losing your money. I make money from selling position even 2 long entry at 1336 and 1327 hitting my stop losss but sell position still can cover my loss.
Nightstar
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You don't short and you don't sell a 'Long' position this early on into a Daily Cycle my friend; that's how you end up decimating your account. Most novices over-trade and obsess over timing a perfect entry.. They don't understand the importance of simplicity and patience.
The big picture is this: Gold continues to consolidate over the 200MA and will begin the next leg up when the dollar rolls over into its ICL. All you have to do is exercise a little patience, that's it.
TheZabisyu
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He got 1 right out of 100.. Don't mind.. Let the Kid feel pro.
saint_athur
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Im on the bullish train since a few months ago kid and now im looking the best support to re entry. While waiting the pullback is finish, i made money with $50 by selling off the gold. Let me tell you something kid, get you mom and ask why she never teach you manner. LOL! I am neutral user here when you guys fighting but this time i give you a great lesson kid.