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.
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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.
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The idea is not valid anymore. We can not tag 1390$ before US market open.
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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)
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They want price to break the 1358 level now. There will be our daily cycle top. (1390-1410)
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For me it seems a flag which is breaking out.
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If anyone has short this iis the time to stop. It's not going to stop till 1400.
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Nightstar
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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 :)
Notyour
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wtf. R u talking to me? :|
jinyuji210
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I hold some DUST. I think I should sell it. got burned
Krasen
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will see
investment6300
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It always interesting to value the opposite argument, as it is just sometimes due to a lack of taking more factors into account which I do lack with your knowledge. Any opinion Apri?
investment6300
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Does the double price test argument for 1358 not carry water below in this case?
zaius3333
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meanwhile silver is just getting some disgusting gains
pbartashevich
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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.
epalazzo
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Seems so. Back to lower prices in gold.
chartwatchers
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Lot of new shorts from 1350
They just want use these short's stops for the breakout.
It's cheaper.