chartwatchers
Short

GOLD - False breakout?

FX:XAUUSD   Gold Spot / U.S. Dollar
2469 37 39
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...
Comment:
Comment: Look at this daily chart...
Comment: Getting closer and closer to the resistance zone... (blue line)
Comment: As soon as the dollar is breaking out of the flag gold will be doomed
Any update please , JDST is getting crushed
Reply
chartwatchers vchelimella
Hold the position. Banks are playing with our nerves.....
Reply
vchelimella chartwatchers
Thanks Iam on it till you are
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chartwatchers vchelimella
I know it looks never want to bottom. But we are very close...
I've seen this many times.
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webmiztriz chartwatchers
how do you feel dollar breakout will affect energy positions....?
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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
This is taking a serious toll on my nerves!
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Another false breakout today?
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Yes.
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Wedge in play?
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