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.
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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...
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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
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Finaly TP Paradigma's software also showing into the long direction. He is waiting for a long entry...
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USSRandolph
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What ever happened to the supportive, learning and educational this site used to be? It's become an adversarial, opponent bashing place full of hate and discontent that helps no one. I wish those of you who like to troll and engage in such would leave and find another place to spread your BS. This site has lost many good and bright people because of you and those like you. I single no one out. When I say "you", you know who you are. What a waste.
Nightstar
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Do you finally understand why I am sometimes (but not always) inclined to tell others to F* off? You gotta fight the good fight Military man :)
USSRandolph
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I try
Nightstar
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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!
NihalCassim
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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
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I currently have a shit load of JNUG so I'm hoping I'm wrong :) We shall see.
investment6300
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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
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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.