We are forming a bull-flag-like formation on the hourly and 4hrs chart. During the last month we had a lot of bull flags which broke to the upside.
The pattern we are printing now is bigger than the previous ones. So I'm convinced this is not a bull flag , this is a topping pattern. We just need more and more bulls to chase the price in the hope of breaking above 1300 before a serious decline starts. Even if we break to the upside - maybe on Sunday night at the French elections- we will give back all gains.
Notice how we tagged 2 hours earlier the upper trendline of the flag : price was still in the range...
I'm holding the short positions and will add if we break up from the flag...
Comment
⋅
Looks a runaway gap to me. Not only the futures contract but in gold cfd too...
Comment
⋅
Gold will be hit hard today : 1250-55 by the close.
Comment
⋅
Late Bears are waiting for gold to tag 1300-1310 to go short from there. Thats why its not going to happen. Now is the time to stop oou the bulls who are trapped above 1280.
Comment
⋅
1250-55 is the breakout level. A lot will buy there " as a testback of the breakout". Just a 1 day stop. We will not bottom on the daily cycle basis till Wed.
Comment
⋅
I mean next Wednesday - not tmrw
Comment
⋅
The real winner is DUST today. And I didnt have time to post it last week :(
Comment
⋅
Is this the good old bank trick before the decline? running the stops above the range...?
Comment
⋅
Looks like the same old trick...
Comments
bhowe
⋅
It does look like a BULL flag
BjornPfaff
⋅
Hi Arpi , no im not here to be anoing , i want to say that im going to short gold when we break the 4hr trendline and test the line back to short further down. As you mentioned a lot of buyings will get in at 1250 there is where the price will hit the 4hr trendline again where we can short. Thats what im gonna do.
No more mister bad guy here ;-)
Greetz
Nightstar
⋅
@BjornPfaff No more mister bad guy?? We shall see about that Bjorn The Magnificent :) We'll be keeping a close watch on you.
Arpi, Silver just keeps dropping, JPY vs USD keeps dropping. I think this is a bear flag and gold goes lower. 1257 target for me at 38.2% fibo, 200 hma lower trend line
flukve
⋅
Good day! I count today wednesday as day 30 of this cycle, so today could be the last big drop, down to Daily SMA 200 for example. Could you mark the start and potential end of the current daily cycle on your chart, the way you see it?