chartwatchers

GOLD - Independence day trick

FX:XAUUSD   Gold / U.S. Dollar
5532 41 68
You know I like conspiration theories. Just an interesting scenario as tomorrow it's the Independence Day in the USA.
It's a unique possibility to lock out the USA brokers and traders of their gains and force them into losses in gold             , gold             miners and silver             while they are relaxing at the beaches...

We had a super bullish sentiment in gold             , silver             and miners last week. I was watching the precoius metal market till the end of the day. It was a "black Friday" shopping day. Traders were buying gold             and silver             till the last minute of the day. So they went into this weekend with preciuos metal longs.
Almost daily maximum close. Monday US markets are closed. I think the Euphoria will continue : tomorrow we will break the Brexit high (1358$) at the Asian session. On Monday night ( GMT             ) we could reach the target price calculated from the pennant (1390-1400$) - it's pulling up price like a magnet. Every short would be stopped out and by the time US markets are opened gold             price would be below Friday's market close.

If we are tagging the 1390-1400$ level in the next 2 days I would take profit on the longs.
Comment: Silver is already acting according to the independence day trick.
If we print the daily cycle top today or tomorrow morning (GMT) market will not let the USA traders to close their GLD and SLV positions at the daily cycle top, as we will have a gap down open.
snapshot
Comment: The idea is not valid anymore. We can not tag 1390$ before US market open.
Comment: Back to the original plan. In the night we tagged the 20 EMA on the 4hrs chart.
We can head now to 1390-1410. (target price counted from the pennant pattern)
snapshot
Comment: They want price to break the 1358 level now.
There will be our daily cycle top. (1390-1410)
snapshot
Comment: For me it seems a flag which is breaking out.
snapshot
Comment: If anyone has short this iis the time to stop. It's not going to stop till 1400.
I don't think Gold will break that multi-year downtrend line so easy - currently at around $1360. It may consolidate here before jobs report this Friday.
Reply
Why would anyone choose to hold 'DUST' when clearly momentum is to the upside is beyond me. People!! Your only play here is to wait for the next DCL and reload. This is a BULL MARKET, meaning all surprises are to the upside, not the downside! Stop trying to beat Wall Street with your tiny little laptop, Lol :)
+1 Reply
Notyour Nightstar
wtf. R u talking to me? :|
Reply
I hold some DUST. I think I should sell it. got burned
+1 Reply
will see
+1 Reply
Seems so. Back to lower prices in gold.
Reply
Lot of new shorts from 1350
They just want use these short's stops for the breakout.
It's cheaper.
Reply
epalazzo chartwatchers
You must be right. It's up again. You mean banks are using these short's stops?
Reply
Yes. The breakout is cheaper on this way.
+1 Reply
it is struggling to make a new break out of the zone...who knows but almost all its energy up exhausted...
Reply
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