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 (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 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.
It could be good for gold...
He is waiting for a long entry...
I accept your apology that I just ramble and have no insite. Gee, looky here... a retest of the 1269 just as my first scenario predicted!
Jokes aside.. I'm done with the off topic comments. I'll briefly just state my input and keep it to that. Good luck!
How I deal with people like you is very simple!
Open 20k real trading account and compete one month. Who makes the most % in return. If you can make it, and be the KING after this competition, I apologize to you, and shake your hand!
Accept the chalenge or go home!
Call me dumb here, but I can't listen to someone who believes fundamentals have no place in trading. Anything but a short-term analysis should include a balance of both fundamentals, and technicals.
I can't follow someone who believes the Brexit or interest rates or any other significant item doesn't have an effect on gold.
And I want a day job? I would never quit my career to day trade, just unfortunate I can't find time to do both.
However, I'm looking forward to your analysis on the day of the interest rate decision when gold either sells off or gets bought up like crazy. Excited to see how you spin that one as a purely technical event!
I've posted my most recent trade where I spell out exactly why I bought that stock (fundamental reason, with a small trend line), and am currently up 15% on that trade over a 3 week period.
Don't feel bad for me, I've had a great year betting against the economy! Thanks!