We have the blue which broke down its neckline (blue) and was tested back by a yesterday.
And the broke down in the night. We are heading down to 1300$.
Perma bulls are quiet now - I know they are reading me - so it's a good sign that they are freaking out with their longs and don't have time for the contrarian posts here.
The target depends on how fast is the move. I will post here when I think we bottomed.
This decline will also affect GDX , GDXJ wihich will have its compulsory decline now. And DUST JDST can have a pop. Miners are terribly overbought. I think it's time to give a humble pie to the bulls with a scary decline in the following 4-5 days. I can read at a lot of forums that gold/silver miners cannot fall. Let's see are they untouchable or not.
I don't think anything can stop gold from the decline now.
In the next 3 hours we should print 3 green candles on the hourly chart.
There could be a good entry point for the shorts.
They are preparing for that scenario. So we could have a little pop in gold after the BOE decision.
Maybe 1235. And tomorrow the decline could continue again.
Rate cut: gold might fall more. Or it could be in the price already.
No rate change: gold will pop for a few hours.
I closed half of my short positions at 1325.
It's too early to go long now. This will be a serious DCL.
If we close near the weekly minimum next week we are going to see some real blood on goldstreet.
Erdogan is deeply flawed and cocking the country up but it will be the people that drive the change and not a few Elite members of the Military, they severely miss-read the masses.
There might be a minor flurry in to gold from a few who are jittery but this time next week it will all be forgotten unless the Kurds start cause some trouble which seems unlikely, they have their hands full fighting ISIS. The Kurds will probably look for "Payment" ie land or their own state once the ISIS issue is resolved (5-10 yeaars?)
Gold does seem to be bullish now but with FED rate rise probably expected, S&P breaking out and US economy looking fairly strong gold looks to be destined for a fall for a bit. Maybe to the top of the bear channel. US seems to be doing a lot better than Europe, Japan as always is flat, China is now almost a grown up country (ie ~5% GDP around the corner). The Dollar may get quite strong over the next couple of years which does not seem to help gold.