GOLD- The Edge of Breakout

FX:XAUUSD   Gold Spot / U.S. Dollar
4088 59 67
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.
Comment: Notice how similar was the situation here:
Comment: DXY printed the daily swing.
It could be good for gold...
Comment: Right now we are fighting with the 200 MA on the weekly chart...
Comment: It's a possible back test of the breakout right now at 1270$
Comment: I'm adding to the core position today which I'm planning to close at the daily cycle top in 15 days.
Comment: It also might be the back test of the bull flag as DS77 mentioned below the miners post.
Comment: 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...
Gold up $16, NUGT hardly at all. Miners not following. Any ideas?
US Gross Domestic Product (GDP ) up 2.9 pct as of 30 min ago. Looking forward to next NFP data next week, that will likely be good increasing yet again prospect for interest rate hike before end of year. NOT GOOD for gold. We knew this was coming. This is another nail in the coffin for gold. You know where to go from here. I'm not making any recommendations but I KNOW what I will and won't do. Good luck and happy trading.
I'm short on GOLD
Bears are controlling this game since 1370. Is everything that I know. Every attempt to achieve 1275 was capped.
There's a few Analysts out there that are calling for one more low and I'm almost inclined to agree at this stage of the game.. Silver is flagging which has bearish implications.. Gold is being capped @ 1275 by the Bullion Banks ahead of the Elections, and the Miners are signalling the possibility of one more low before the big push up. Proceed with caution from here on out!

+1 Reply
NihalCassim Nightstar
Youre right, objectively, sellers are far stronger. We're in a narrowing range. It's going to break sharply in either direction. To go up lots of short sellers are needed to be squeezed and to go down a lot of leveraged buyers are needed to panic. I think we have the latter. And these longs are waiting for china to buy or the USD to collapse.
Nightstar NihalCassim
I currently have a shit load of JNUG so I'm hoping I'm wrong :) We shall see.
Same boat! Amazed at length of time in ICL mentioned above, we need to go up some time with all long term outlooks but those banks you just see them pushing down
USSRandolph Nightstar
Me too w NUGT. Prob is the longer we hold a 3x etf, value declines, even if gold doesn't. So, I'll end up selling and eating a loss to make up somewhere else. I keep telling myself to quit gold, too much unpredictable manipulation.
USSRandolph USSRandolph
As soon as I do it goes up!
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