Time to update gold again as finally something important is happening. On the 19th of October we printed a daily swing. There was no follow through after the swing, but that's how gold works. We entered into a flag immediately.
At the bottom of the intermediate decline we printed a triangle. The triangles many times act as a continuation pattern. But in gold it's usually a sign as the banks are pushing the price back again and again to load up more gold and give themselves a possibility to buy mining shares at lower prices.
This time the triangle was not enough they've forced gold into a bull flag (green) to continue their work.
In the last few hours the flag broke out.
I think this the breakout what we need.
The pattern is very similar to the last August pattern. There was also a triangle and a bull flag before gold broke out finally. I will post the screenshot below.
I'm still sure no lower leg is coming as the EW traders are waiting for that.... Gold will just blast off leaving a lot of traders back at the station.
At the bottom of the intermediate decline we printed a triangle. The triangles many times act as a continuation pattern. But in gold it's usually a sign as the banks are pushing the price back again and again to load up more gold and give themselves a possibility to buy mining shares at lower prices.
This time the triangle was not enough they've forced gold into a bull flag (green) to continue their work.
In the last few hours the flag broke out.
I think this the breakout what we need.
The pattern is very similar to the last August pattern. There was also a triangle and a bull flag before gold broke out finally. I will post the screenshot below.
I'm still sure no lower leg is coming as the EW traders are waiting for that.... Gold will just blast off leaving a lot of traders back at the station.
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Notice how similar was the situation here:
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DXY printed the daily swing.
It could be good for gold...
It could be good for gold...
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Right now we are fighting with the 200 MA on the weekly chart...
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It's a possible back test of the breakout right now at 1270$
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I'm adding to the core position today which I'm planning to close at the daily cycle top in 15 days.
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It also might be the back test of the bull flag as DS77 mentioned below the miners post.
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It seems yesterday banksters turned back the gold train to the last station to pick up some mates who were left behind. Hopefully we are ready by now and finally we can start this rally to the daily cycle top in the next 10-15 days
Comment:
Finaly TP Paradigma's software also showing into the long direction.
He is waiting for a long entry...
He is waiting for a long entry...
