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Short

GOLD - False breakout?

FX:XAUUSD   Gold/U.S. Dollar
2464 37 37
6 months ago
Without the European markets I think the big players used up this low voulme Monday for a breakout of the channel...
We have just broke the upper trendline. But now it seems to me as volume is coming back with the US markets they will push back the price into the channel and fleecing the longs who bought the breakout....

Indicators are looking good:
RSI leaving overbought MACD might want to cross over and heading down.

This is how the big intermediate declines are starting usually...
I think thousands of bulls bought into this breakout...
6 months ago
Comment:
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6 months ago
Comment: Look at this daily chart...
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6 months ago
Comment: Getting closer and closer to the resistance zone... (blue line)
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6 months ago
Comment: As soon as the dollar is breaking out of the flag gold will be doomed
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Related Ideas

XTAL.ball
6 months ago
Both DUST and JDST are getting split 1:10 on May 18th.... anything to be concerned about? Thanks!
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chartwatchers PRO XTAL.ball
6 months ago
It has no effect on your profit or loss.
It's a reverse split. It means if you had 1000 DUST you will have 100 shares but the price will be 13$ instead of 1.3$.
The interemdiate reversals are often coming after the reverse split. But don't ask why...
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XTAL.ball chartwatchers
6 months ago
Yes, I understand how the stock price and quantity shifts. I am more curious about the timing for the split, but you're saying don't ask why...
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chartwatchers PRO XTAL.ball
6 months ago
I'M 99.9% sure that in 2 weeks gold will fall like a stone.
Smartmoney is exactly doing what they usually do before a big intermediate decline...
They are dumping their shares and contracts to the retail traders in false breakouts.
+1 Reply
chartwatchers PRO chartwatchers
6 months ago
DUST will fly... :)
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XTAL.ball chartwatchers
6 months ago
You prefer DUST to JDST?
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chartwatchers PRO XTAL.ball
6 months ago
I have both. But more DUST. The juniors will fall more in a gold decline. So JDST will perform better if it starts finally.
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chartwatchers PRO chartwatchers
6 months ago
corrected: The juniors will ***rise*** more in a gold decline.
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nexuz
6 months ago
powerful move down so far - hopefully it will go deeper now was rly nervous about that leg up
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chartwatchers PRO nexuz
6 months ago
I was thinking to post to warn everybody but it looked so real...
They almost tricked me out also ....
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nexuz chartwatchers
6 months ago
well i closed one of my positions when it breaked the channel. got now only one left but was just too afraid that i will loose my last gains :)
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Qasimshahzadgt
6 months ago
what happend in gold. gold was trend up. now coming down
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chartwatchers PRO Qasimshahzadgt
6 months ago
They are screwing the longs. That's what I was talking about. Smartmoney is dumping their miner shares (GDX,GDXJ) and gold long positions to dumb money. These breakouts are false movements.
The direction is short .
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kevinobrien89 chartwatchers
6 months ago
Over $2 billion in gold contracts were dumped in 10 minutes. That is exactly in line with your conspiracy theory that smartmoney was propping up the price to dump to retail. Longs going to get burned.
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chartwatchers PRO kevinobrien89
6 months ago
Unbelievable but true... Once they are ready the decline will be very fast...
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Renegade7
6 months ago
Went short last night, didn't think it would pop, thought I blew it Reflected on your commentary, it helped me stay the course. Have a tp at 1253, I'm thinking dip buyers are down there. We'll see if there is follow through. Thanks bud, cheers.
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saint_athur
6 months ago
Tq buddy. Still hold my short position. Follow you and TNT. Both of you are awesome.
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chartwatchers PRO saint_athur
6 months ago
Thanks. Jack is good. Especially in currency. I always watch him.
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ice_holly01 chartwatchers
6 months ago
Is Jack ProJack?
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chartwatchers PRO ice_holly01
6 months ago
Yep.
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ice_holly01 chartwatchers
6 months ago
Thanks!
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pmcllc PRO
6 months ago
after the breakout I thought it was heading to the 1300s level again before tanking down...
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chartwatchers PRO pmcllc
6 months ago
It's too late in this intermediate cycle to have any sustained move now. Every breakout will be used up for smartmoney to get out of the precious metal position.
These are all arteficial moves. Once they are ready we simply run out of buyers and the small traders will be left alone with their long positions.
We will fall like a stone. I wonder if we have 2 daily cycles. Maybe we have one big decline that's it.
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vchelimella
6 months ago
Soros turning bullish do u see any effect on Golds fall due to this ?
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chartwatchers PRO vchelimella
6 months ago
He is positioning for the next 4-5 years. He will be buying during the next 1 month also.
We will buy at the end of next month. Soros is big , he will survive a big drawdown during the next month.
We have to catch the bottom.
I've read that article at seeking alpha. They've forgotten to tell since when he is bullish...
Anyway he is hungarian also. I know how he is thinking... :)
Reply
chartwatchers PRO chartwatchers
6 months ago
He was in refineries at the beginning of this year. When everybody was shorting oil at 30$.
:)
Reply
isaac312 PRO
6 months ago
aaaa I should never listen to you, Lost so much hearing your ideas....
+1 Reply
nexuz
6 months ago
snapshot


Wedge in play?
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XTAL.ball
6 months ago
Another false breakout today?
Reply
chartwatchers PRO XTAL.ball
6 months ago
Yes.
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vchelimella
6 months ago
Any update please , JDST is getting crushed
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chartwatchers PRO vchelimella
6 months ago
Hold the position. Banks are playing with our nerves.....
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vchelimella chartwatchers
6 months ago
Thanks Iam on it till you are
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chartwatchers PRO vchelimella
6 months ago
I know it looks never want to bottom. But we are very close...
I've seen this many times.
Reply
webmiztriz PRO chartwatchers
6 months ago
how do you feel dollar breakout will affect energy positions....?
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chartwatchers PRO webmiztriz
6 months ago
Oil or energy stocks?
I think it won't affect energy stocks. As soon as stocks starts to rally energy stocks will print a crazy run.
Oil is a little more difficult.
The question is do we have one more daily cycle in oil or only this one and it's going to be a long one.
If the dollar starts to rally hard because of the greeks, brexit or a possible June rate hike than oil might print one more DCL and one more higher high.
That's why I tend to close my oil contracts at 49-50 and repoen at the DCL. If no DCL I have enough ERX ...
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XTAL.ball chartwatchers
6 months ago
This is taking a serious toll on my nerves!
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