I was waiting for a much stronger price action in gold . We made a lower low on the hourly chart many times today but there was no follow though. is a little bit above average.
I want to see the first of all. We tagged the 10 but price couldn' recover. We lost the 20 also. These are signs. We couldn't tag the 50 nor the . Price is just in the middle of nowhere.
At the indicators crossed over . That is a strong signal for more decline. Slow is just turning down it should enter into oversold territory. hasn't finished the the move as it should touch the oversold also.
So as I'm watching the indicators I think there is more room to the downside in the night as the result is coming out. Banks are preparing for something...
But as I'm watching today's price action I have a feeling that the decision already priced in. If it priced in that's the reason gold cannot fall.
Miners price action is frustrating also. We couldn't print even a little drop in the last few days while gold was falling.
So this time I cannot offer you a perfect decision. I'M not going to enter too heavily into this night. XAUUSD positions can be managed during the night but miners not. So with the miners you have to make the decision today.
I will close some of the XAUUSD positions today but I will keep some for the night.
And now they are starting to sell off gold in the last 10 minutes..... Don't enter overleveraged into this night. There is always a next trade....
It's still in falling mode
On the hourly chart it seems to me we are printing a pennant with a possible target price of 1400.
Now there to be no hike, lots of uncertainty, nothing to make gold go down. Can NFP cause a correction? Maybe, but in terms of 2-3 months or even till the US elections gold is very bullish.
Arpi, don't disappear! No one believed in exit, I didn't either. Just have to deal with it now, and make some money the other way.))
Anyways, there are a ton of reasons why gold isn't going up.
I recommend you reading this essay: http://www.zealllc.com/2016/gldsudor.htm
It is from a guy who has been investing in gold for decades, and was bullish since november-december 2015, up to last friday. Why did he changed his mind? Read it and you'll discover his bearish reasons
In my opinion, Brexit has just been a catalyst for fooling more people into a gold bull market that doesn't even exist yet. But that's my humble opinion, and I haven't decades of experience trading gold .
Anyway, just have a look at how the gold is having trouble to stay above a simple measurement of long-term trend such as the weekly 200 SMA. It is clearly poiting downwards, and it is usually not a good idea to go long when that happens.